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Daily Insurance Industry News
Tuesday 25th of September 2018
March 4, 2011

Towergate appoints head of acquisitions

by Gill Montia

Story link: Towergate appoints head of acquisitions

Towergate has ramped up its growth plans with the appointment of Stephen Hinbest as head of acquisitions, the group having recently established a £90 million acquisition fund on the back of a long-term refinancing deal.

The intermediary says the appointment is in response to the increasing number of brokers in discussion with the firm, regarding possible sale.

Having joined the firm in 2006 as regional managing director for Towergate Underwriting, Mr Hinbest will now manage the acquisition team, reporting to group chief executive officer, Andy Homer.

Commenting on the appointment, Towergate’s executive chairman, Peter Cullum, says: “The acquisition market has been relatively slow in a landscape of great economic uncertainty, and brokers with recession-hit client bases.”

He adds: “However, time stands still for nobody and there are many brokers keen to plan their exit or retirement, and Towergate’s track record and firepower makes us an obvious first port of call for a lot of them.”

In January, Towergate announced that it has entered into a conditional agreement in relation to a £200 million investment by Advent International, in a deal that will see the private equity firm acquire shareholdings in Towergate and Cullum Capital Ventures.

 

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