Towergate buys Lovat Insurance Brokers

Towergate has bought Tunbridge Wells-based Lovat Insurance Brokers from investment firm Bestinvest.

Lovat specialises in commercial insurance broking for the manufacturing, property management, and the charitable sector.

Corporate financial advisory firm Corbett Keeling led on the acquisition.

In its latest financial statement, Lovat reported pre-tax profits of £218,000 in the 12 months to 31 May 2013, down 13.8% from its 2012 profits of £253,000.

The brokers turnover also dipped slightly by 2.2% to £1.48m from £1.5m in the same period.

However it experienced new business growth from commercial clients in the chartered surveyor market and has seen its Elite Rowing affinity insurance scheme become endorsed by British Rowing, the sports national body.

The broker said the affinity scheme would substantially increase its commission income over the next 12-24 months and would provide cross-selling opportunities.