Towergate and Folgate are to form a partnership that will create one of the largest insurance intermediary groups in the UK.
Company founder Peter Cullum said merging the two firms would bring “some cost savings” and “leverage”.
Andy Homer will become the new chief executive of the combined intermediary group. He said the agreement was a result of a close working relationship that existed between the two firms.
Cullum said as a result of the merger “a war chest of some £150 million for new acquisitions” would be created.
The integration of both companies to create the Towergate Partnership is expected to be completed by March, subject to regulatory approval.
