The Smithson Mason Group has announced the sale of its professional risks portfolio to the medical insurance division of The Towergate Underwriting Group.
As part of The Folgate Partnership, Smithson has recently formed a strategic alliance with Towergate. The sale is designed to further enhance Folgate's broker distribution.
The portfolio includes specialist professional indemnity for professions including psychologists.
Folgate chief executive Andy Homer said: "The sale of this account to Towergate is excellent news for the professional risks team.
"It creates a Towergate MIAGI presence in Leeds and helps our colleagues in Smithson Mason concentrate on the progress they are making in acquiring commercial broker portfolios in the Yorkshire area.
"We intend to be the region's largest broking enterprise within 24 months."
