Towergate owner takes majority stake in Price Forbes

Towergate owner Highbridge has acquired a majority stake in Lloyd’s broker Price Forbes.

The purchase price has not been disclosed.

Price Forbes chief executive Michael Donegan said: “This investment will further strengthen our position in London and internationally as one of the leading independent firms in the specialty broking market.

“This backing from Highbridge secures our independence and provides us with the financial resources required to accelerate our growth plans and to continue to attract and retain the best talent in the market”.

“Consolidation in the UK specialty broking market has created a unique opportunity for Price Forbes as an independent broker from which we aim to benefit. As a result of the investment from Highbridge, we can further strengthen and expand our platform for teams and producers that can thrive in a more entrepreneurial environment.”

Donegan stressed that he expected Price Forbes to accrue significant added benefit from Highbridge’s expertise in terms of capital investment.

Existing Price Forbes shareholders will retain a significant stake in the business, and the entire senior management team will remain in place.