Towergate “destroyed a very good business” says ex-owner of Dorset broker

Author: Emmanuel Kenning

Source: Insurance Age | 17 Oct 2014

Consolidator shuts Harry Fort Insurance Brokers two years after buying it.

Towergate has closed Harry Fort Insurance Brokers in Sherborne, Dorset, just two years after buying it, the Western Gazette has reported.
The business was founded in 1982 by Harry Fort, and was sold by his son Chris in 2012 upon his retirement.
However, Harry told the Western Gazette that Towergate had "abandoned" the business and that while it had made guarantees for two years he had hoped for a longer-term future.
"They have destroyed a very good business leaving hundreds of loyal policyholders without any personal service," he told the newspaper.
Read more:
http://www.insuranceage.co.uk/insurance-age/news/2376272/towergate-destroyed-a-very-good-business-says-ex-owner-of-dorset-broker

"Uptick" in M&A Activity predicted for 2013

Tom Dobell, manager of the £7.7bn M&G Recovery fund, expects an uptick in M&A activity to rejuvenate performance in 2013 after a "tough" three years for the fund.

Read more: http://www.investmentweek.co.uk/investment-week/news/2214666/dobell-m-a-will-drive-returns-on-gbp8bn-recovery-fund-in-2013#ixzz28LEaMmSj

Tom Dobell, manager of the £7.7bn M&G Recovery fund, expects an uptick in M&A activity to rejuvenate performance in 2013 after a "tough" three years for the fund.

Read more: http://www.investmentweek.co.uk/investment-week/news/2214666/dobell-m-a-will-drive-returns-on-gbp8bn-recovery-fund-in-2013#ixzz28LEaMmSj

R&Q makes third end-of-life captive acquisition

Randall & Quilter (R&Q) has completed the acquisition of RAB Insurance Limited, its third purchase of an end-of-life captive insurer in 2012 so far.  The company wrote a book primarily consisting of employers' liability, product liability and constructors all risk for Roger Bullivant Limited and its subsidiaries.

CVC acquires majority stake in Cunningham Lindsay

Claims management firm and loss adjuster, Cunningham Lindsey, has received an injection of cash from a group of investors led by CVC Capital Partners.

The move means that CVC has acquired majority ownership of the company, which employs around 7,000 staff operating across 61 countries.

CVC, of course not to be confused with CCV (part of Peter Cullum's Towergate empire!)

Arthur J. Gallagher acquires Acumus

Looks as if the Pat Gallagher/ Dave Partington team road-show is well and truly up and running!  Their latest acquisition Acumus was highly shought after and would have had appraoches from all sides.

The Acumus team, which is based in Chelmsford, will continue to trade under the Acumus banner following the acquisition.

The acquisition follows that of retail insurance broker Blenheim Park Ltd, which was acquired by Arthur J. Gallagher International in August.

 

 

 

Towergate reaches 15-deal milestone in 2012

Towergate Insurance has bought the non-life insurance business of general insurance brokers Dean and Milward and also of Greaves Adams.

Towergate has now completed 15 acquisitions since the start of 2012.

Dean and Milward, based in Henley on Thames, was launched by Richard Dean and David Milward in 1981. The company specialises in predominantly SME business and has some personal lines customers in the Thames Valley area. Towergate has snapped up the non-life arm of the company which will join forces with Towergate’s Didcot office.

Towergate said the deal will further strengthen its presence in the South of England under the leadership of regional managing director Mark Evans.

Greaves Adams was founded over 20 years ago by Tony Greaves and his wife Janette. All staff, including Greaves and his son Aaron, will remain with the company and will join the Towergate office in Poole under the leadership of regional boss Stuart Grieb.

Towergate group chief executive Mark Hodges said: ”These deals have a special significance representing a milestone of 15 acquisitions completed in what is our 15^th anniversary year.

“Both businesses are great examples of our ability to attract well run broking companies as a result of our flexible, relevant and realistic acquisition approach.”

Insurance Times August 10th 2012