Towergate is to extend its reach into the specialist business with the acquisition of THB Group's retail operations.
The deal, worth £10m, will see Towergate take control of retail broker, THB Clowes, and IFA, THB Financial Services. Both businesses will continue to operate from their exisiting office but will take on the Towergate branding.
The acquisition also includes THB Egger Lawson, a division of THB Clowes, specialists in an extensive range of motor sport risks. The businesses control a combined premium of over £40m gross written premiums.
As part of the deal, the group's Lloyd's broker, Thompson Heath & Bond, will continue to place business currently placed by THB Clowes into the London market.
THB Group chief executive, Vic Thompson, said the sale would allow the group to concentrate on its remaining businesses, which include Thompson Heath & Bond, THB Risk Solutions, and THB Risk Management.
Rob Wilkinson, THB Group finance director, said: "This step allows us to invest further in the areas where we can use our experience to develop profitable business and further strengthen our reputation."
Peter Cullum, Towergate's executive chairman added: "The companies bring some great expertise to Towergate and they will benefit from access to the widest general insurance product range in the market."
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