Tower purchases Wilmslow-based broker in first of buy-and-build acquisitions

Tower Insurance Brokers has completed the purchase of Wilmslow-based broker Riskworks, the first in a planned series of buy-and-build acquisitions aimed at raising the firm’s gross written premium (GWP) to £100m.

Tower – which was founded in Lytham in 2017 by current chief executive Tim Forshaw – said the purchase will add £5m GWP to its portfolio and “establish a significant base in the Manchester market” as it seeks to transition into a national-level broker.

The firm’s new acquisition strategy comes eight months after it secured funding from private credit investor TDC.

Jon Petty, investment director at TDC, said Tower had “performed strongly” since the investment and was “combining impressive organic growth with a clear strategy for building a larger national insurance group”.

Forshaw added: “Completing our first acquisition is an important milestone for Tower. Riskworks strengthens our expertise in high net worth and energy insurance while giving us a much stronger presence across the wider north west.

“It’s a well-established business with good people and a strong reputation, which made it the right fit for us. We have a healthy pipeline of further acquisition opportunities and, with TDC’s continued support, are well placed to build on the strong organic growth we have already achieved.”

’Strong reputation’

Riskworks – a commercial broker specialising in food, technology and energy cover – will continue to operate under its existing trading name as it moves under the Tower umbrella.

Nick Gray, founder of Riskworks, added: “Tower has a strong reputation in the insurance market, which will be invaluable in growing the business and supporting Riskworks’ clients.

“This will ensure we continue to deliver the best possible insurance and risk management service. Tower also has a dedicated in-house claims team, which will be important in supporting Riskworks in this vital area of client service.”