Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 13th of December 2018
January 31, 2011

Towergate announced Advent cash injection

by Gill Montia

Story link: Towergate announced Advent cash injection

Towergate Partnership has announced that it has entered into a conditional agreement in relation to a £200 million investment by Advent International.

Under the deal, the private equity firm will acquire separate shareholdings in each of Towergate and Cullum Capital Ventures.

The investment is conditional upon raising new debt facilities through the bank and bond markets, and the benefits of the transaction will include a reduction in total borrowings and increased funding to pursue an acquisition-led growth strategy.

In addition, the injection of cash will allow the group to extend its range of specialist insurance services.

The group’s chief executive officer, Andy Homer, says: “We will continue to invest across our business and maintain a strong focus on acquisitions, a strategy which has delivered significant value over the last decade.”

As Europe’s largest independent insurance intermediary, Towergate is currently generating over £2 billion of gross written premiums a year.

The group has just announced the launch of a School Closures policy in the UK, aimed at protecting parents against loss of earnings and additional childcare costs, when bad weather strikes.

 

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