In February 2011, Advent International completed a £200 million investment in Towergate Partnership Limited.
Founded in 1997, Towergate is Europe’s largest independent insurance intermediary. The business provides both specialist personal and commercial insurance products to individuals and small and medium-sized enterprises (“SMEs”) through its sister company, Cullum Capital Ventures (“CCV”) and its group of companies which include Towergate Underwriting, Paymentshield, Broker Network and Towergate Financial.
Towergate distributes over 200 insurance products, generates more than £2 billion of gross written premiums a year and employs around 4000 staff located across 100 UK offices. Since inception, Towergate has acquired and successfully integrated over 170 underwriting and broking firms yet the UK insurance market remains highly fragmented.
The investment in Towergate is consistent with our strategy of partnering with businesses holding a strong market position and leading management team, operating in one of our core financial services sub-sectors. We have long viewed Towergate as the leading insurance intermediary in the UK and look forward to working with the management team to continue Towergate’s strategy of acquiring high quality specialist and SME brokers while continuing to provide the highest level of service to its customers.