Towergate Underwriting Group has acquired a home insurance portfolio from Network Data, one of the largest mortgage broker networks in the UK.
Towergate has acquired distribution for £9.6m of home insurance premiums.
Towergate will administer this portfolio via a new unit being created in Leicester led by David Ford who was, until recently, a senior executive with Hill House Hammond.
Towergate executive chairman Peter Cullum said: “Towergate is delighted to acquire this quality portfolio that will enable us to not only build a relationship with Network Data, but also provide a range of new home insurance products to the current Network Data agency base. Towergate is already the largest provider of mortgage code professional indemnity and this transaction strengthens our presence in this particular market place.”
