Towergate has acquired professional indemnity (PI) specialist Alec Finch for an undisclosed sum.

Alec Finch will retain its brand name, but its £6m gross written premium book will be combined with Towergate's existing £4m book.

“We have long seen good quality non-London market PI as an important addition to the Towergate armoury,” said chief executive Peter Cullum.

There will be no redundancies at Alec Finch. Managing director Alan Eyre and three of his management colleagues, Peter Monks, Philip Moorhouse and Richard Gledhill, will run the professional indemnity book of Towergate.

This is Towergate's 26th acquisition. The company was formed in 1997 by Peter Cullum and management colleagues who had worked in senior capacities at both Economic and Hiscox.

The group has gross written premiums of about £180m.