Towergate has built up its acquisitions war chest, adding £45m to the pool following the completion of a £85m financing deal.
Towergate executive chairman Peter Cullum announced the completion of the deal with Royal Bank of Scotland, Lloyds TSB and Barclays.
He said: “This financing package from 3 leading UK banks will support our ambitious acquisition programme and allow us to take advantage of the acquisition opportunities we are currently pursuing.
“This financing has been made possible as a result of the impressive profit track record that Towergate has achieved over recent years.
“We have three blue chip banking partners to back our acquisition activity and assist us in achieving our strategic target of doubling our turnover to £400 million Gross Written Premium over the next 2 years.”
Towergate chief executive officer Tim Johnson added: “This is one of the most exciting periods we have seen in UK insurance.
"We already have 15 acquisitions under negotiation and, using the new war chest, we will continue to pursue further acquisition opportunities which satisfies Towergate's strategic and financial objectives.”
