Consolidator adds £9m GWP while building financial services presence

Towergate has confirmed the acquisition of Glasgow based broker, MacDonald Reid Scott (MRSIB).

MRSIB is controls a commercial lines portfolio including property, liability and commercial motor, worth in excess of £9M. It has 40 staff spread across offices in Glasgow, Edinburgh and Perth.

Under the deal all of the staff have made the move to Towergate and will continue to be led by managing director Bernard Dunn.

MRSIB was established in 1981 by Ronnie MacDonald, Graham Reid and Ian Scott. The brokers financial services arm, MRSFS will also become part of Towergate Financial Services.

MRSIB is Towergate's fourth Scottish acquisition in the past year, following J W Group in April 2007, McAra Associates in January and Albannach Financial Management in February.

Peter Cullum, Executive Chairman of Towergate said: “This is another great signing for Towergate in Scotland where we have strong ambitions to build our capabilities in both general insurance and financial service sectors. The MacDonald Reid Scott Group is a leading player in the Scottish market whose team adds some great expertise to the Towergate family”.

Patrick Snowball, Chairman of Towergate Financial Services added: “MacDonald Reid Scott Financial Ltd is a great addition to Towergate Financial Services. We have exciting plans to expand our presence in Scotland through the acquisition of well run IFA businesses as part of our new model for this market”.

Ronnie MacDonald, Chairman of MRSIB said: “I am confident that Towergate is the ideal partner to support us in this next phase of development, whilst maintaining our ethos of a personal and professional service to our clients, upon which we have built our business."