Towergate acquires Woodgate & Partners

by Gill Montia

Story link: Towergate acquires Woodgate & Partners

Towergate Partnership, the independently owned insurance intermediary, is continuing its rapid expansion programme with the acquisition of Woodgate & Partners, a Kent based insurance broking firm.

Following completion of the transactions, Woodgate’s 29 staff will continue to be based in Maidstone and led by current chief executive, John Harrison.

Woodgate & Partners was established in 1972. It is a general commercial and financial services broker with particular strengths in affinity schemes for exhibitions, events, salons and beauticians.

The firm secured approval as a Lloyd’s broker in 2007, and has gross written premiums of around £8 million.

The acquisition will strengthen Towergate’s presence in Kent, where it already has offices in Maidstone, Sevenoaks and Whitstable.

Peter Cullum, chairman of Towergate says: “Woodgate & Partners is a very good fit with our profile. They are a well-run team that will strengthen our portfolio of affinity schemes business. We’re also delighted to have increased our presence in Kent through the acquisition of this leading regional broker.”

Last month, Towergate acquired McAra Associates, a Scottish broker, and further acquisitions are planned throughout 2008.