Refinancing will allow Towergate to target small broker acquisitions, according to chief Andy Homer
Towergate could be handed a £100m war chest for acquisitions when it completes a £665m refinancing next year, group chief executive Andy Homer told Insurance Times this week.
Homer was speaking in the wake of Amanda Blanc's move to AXA, insisting the deputy chief executive's departure would not have any impact on the consolidators plans to refinance in the first quarter of 2011 and seek an IPO in the next three years.
Towergate has also reshuffled its management after deciding not to directly replace Blanc. The retail broking arm will now be headed by retail chief executive Jon Walker, who will be promoted to the group board.
Underwriting chief executive Clive Nathan has taken over responsibility for compliance and Paymentshield chief executive Tim Johnson will head up the network division. Powerplace will report into board member Max Carruthers.