’Now, with the investment in place, we’re entering a new stage for the business as we go on the acquisition trail and look to bring in senior talent,’ says chief executive
Tower Insurance Brokers has secured a multimillion pound growth funding facility from TDC.
Based in Lytham, Tower was founded in 2017 by Tim Forshaw, who left global broker Gallagher to build the business from the ground up.
It specialises in multiple sectors, such as construction, large property developers and landlords, hospitality venues and family entertainment centres.
TDC said that Tower has grown significantly to nearly £40m gross written premium (GWP) – all achieved organically and without taking on external investment.
The investor is providing funding to Tower through its Impact Fund.
Jon Petty, investment director at TDC, said: “Tower is an exceptional example of a founder-led business that has identified a market gap and built a high-growth company around deep specialist knowledge.
”We are excited about partnering with Forshaw and the team in the next phase of their growth.
“This is exactly what our Impact Fund was designed for, supporting high growth Northern businesses to scale, creating jobs and boost the regional economy.”
Plans for growth
With the funding, Tower is looking to bolster its position in the market as it eyes potential acquisitions, bringing in more niche capabilities to its growing network.
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The investment will also help to invest in senior talent with new skills and capabilities.
Forshaw said: “From day one, our mission has been to challenge outdated underwriting assumptions and give niche industries the insurance solutions they deserve. In just eight years, we’ve done exactly that, establishing ourselves in what is a crowded market while achieving exponential growth. Having done this largely by ourselves until now, we recognised the need to bring in additional investment to continue delivering on this growth.
“When we met TDC, it was clear we were culturally aligned. They understood our business immediately and saw the potential investment could unlock for us. Now, with the investment in place, we’re entering a new stage for the business as we go on the acquisition trail and look to bring in senior talent. If the last few years are anything to go by, the next few promise to be even better.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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