Towergate taps investment bank for new M&A director

Towergate has hired investment banker Ryan Brown as its new mergers and acquisitions (M&A) director, replacing the outgoing Dan Saulter.

He will join the broker in early August.

Brown is currently executive vice-president of European investment banking at Keefe, Bruyette & Woods (KBW). He will head up Towergate’s 11-strong M&A team and will report to chief financial officer Scott Eagan.

It emerged in April that current M&A director Saulter would be leaving Towergate to become chief executive of loss adjusting firm Davies.

Towergate chief executive Mark Hodges said: “This appointment is testament to our market-leading track record in insurance M&A. Ryan is a hugely impressive recruit and I feel certain he will bring a valued viewpoint and immense experience to our strategic approach to buying and selling businesses.

“With 10 deals completed already this year and 27 in 2012, our acquisitions activity is very much part of our plan for profitable growth across niche and specialist personal lines businesses, whilst building upon both our scale and unique customer insight. I look forward to working with Ryan and would like to welcome him on behalf of the entire group.”

Brown added: “Throughout my career to date, I have always had an awareness of Towergate and their extraordinary successes in the M&A market. This unique track record makes the prospect of heading up a reputable Towergate team irresistible.

“Mark has articulated Towergate’s ongoing commitment to acquisitions being very much part of a strategy of maintaining and driving growth. This represents a fantastic opportunity for both myself and my team to play a crucial role in the future success of the business. With access to readily available funds and a board committed to M&A playing a pivotal role in progression of the group, I am delighted to be on board.”

Brown is the third defection from KBW to the (re)insurance broking industry recently.

Oliver Homer, son of Towergate director Andy Homer, will leave KBW to head up Cooper Gay Swett & Crawford’s M&A efforts later this month.

In May, ex-KBW head of European investment banking Nick Triggs joined reinsurance broker Aon Benfield as a managing director of its securities arm.