Towergate has bought the provincial retail division of THB, the specialist insurance broker.
THB has sold THB Clowes Limited and THB Financial Services Limited, which together make up the provincial retail division, for £10.95m.
As part of the sale, Paul Dudley will stay with the divested businesses and as a result has resigned as a director of THB Group plc, which will continue to operate through two divisions - its Lloyd's broker and provincial wholesale divisions.
Vic Thompson, THB group chief executive, commented: “We are sad to say farewell to so many friends with this sale, including Paul Dudley, but it represents a continuation of THB's strategy to focus on specialist, high margin business.
“The change of ownership also represents a great opportunity for the operations being sold and the staff based in the Warwick and Nottingham offices.”
Towergate has appointed Thompson Heath & Bond Limited as its London market broker to continue to handle the THB Clowes Limited business currently placed into that market.
The retail division, which is understood to have a GWP of £40m, arranges insurance and provides pensions and executive benefits' advice for commercial and individual clients, mainly in the UK.
