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Daily Insurance Industry News
Sunday 26th of May 2019
January 29, 2008

Towergate Complete McAra Deal

by Stewart Douglas

Story link: Towergate Complete McAra Deal

Leading insurance broker Towergate has today announced the successful acquisition of Scottish broker McAra Associates, as the latest target in its ongoing rapid acquisition drive throughout the UK, developing the the group’s presence and expertise within the Scottish marketplace.

The latest product of the group’s specific acquisitions division, the deal with McAra will see it incorporated within the Towergate corporate structure with existing staff and assets transfered across to the Towergate group. Following the merger the McAra team will continue to function as is, with Stewart McAra remaining at the helm to fuel the company’s initial integration.

Based in Aberdeen, McAra have a strong foothold in many industrial markets, including oil and gas sectors and construction, giving them a competitive edge to bring to the table at Towergate. Their acquisition will compliment that of JW Group, sealed by Towergate back in 2007, which brough six offices throughout Scotland under the Towergate banner.

The move comes following a busy start to the year byTowergate in which it has already acquired a significant number of smaller brokers as part of its turbo-charged expansion plans. Furthermore, according to sources within the company, it is continuing to buy up smaller brokers with a view to becoming a significant player on a global scale, which looks set to see it pour more resources into the acquisition process over the coming years.

Stewart McAra of McAra Associates is said to be looking forward to the expansion opportunities afforded by being part of a larger organisation, and whilst the sum of consideration was not disclosed, he did say he welcomed the move to integrate within the Towergate structure.

 

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