Towergate expands PMI presence with acquisition of City & Suburban
Towergate, the independently owned insurance intermediary, has continued its acquisition spree with the purchase of City & Suburban Health, a private medical insurance (PMI) provider.
City & Suburban was established in 1997 and focuses on the provision of PMI cover for small to medium sized commercial enterprises.
The move will strengthen Towergate’s position in the PMI market, where it has ambitions to become a leading player.
According to Peter Cullum, executive chairman of Towergate: “This is another great signing for Towergate. This is the first of several PMI acquisitions currently under discussion for completion this year.”
Lee Birch, Managing Director of City & Suburban Health said: “We’re convinced that Towergate is the right home for our business. Its plans for the PMI market are exciting and closely match the needs of our clients who demand great products combined with first class customer service.”
Following completion of the transaction, the management and staff of City & Suburban will be retained under the leadership of Lee Birch, the current Managing Director.
Last week, it was reported that Towergate was in talks with private equity group Candover, which is interested in acquiring around one-quarter of the company.
Category: Companies News, Insurance News
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