Towergate makes four acquisitions

Broking group Towergate has made four acquisitions, including three brokers and a book of SME business from Direct Insurance Group.

The acquisitive group has bought Sheffield-based broker Walker Midgley, Bury-based Prestige Insurance Management and Birmingham-based Langley Horrocks & Hart, alongside the Direct Insurance SME portfolio.

Towergate chief executive Mark Hodges said: “It is great to see the acquisition momentum we created in 2013 continue at pace, with four more quality broking businesses joining the Towergate Group in the first quarter. These businesses are located in regions where we recognise an opportunity to secure a market leading position, building upon our scale in UK broking.

“Our acquisition pipeline remains strong and our proposition is attractive to quality businesses that are keen to deliver profitable growth in line with our own strategic goals.”

Walker Midgley

General insurance broker Walker Midgley was established in 1974. It provides specialist schemes, including for model engineering vintage tractors and steam vehicles.

Managing director Tony Wood and his 10 staff will remain with the business. The company will join the Towergate Insurance Brokers Northern region, led by regional trading director Tony O’Gara.

Prestige Insurance Management

Prestige, also a general insurance broker, was founded in 1988 by Steve Burrows and Chris Dickinson. It specialises in providing commercial package insurance to shops, hotels and guest houses.

The company also incorporates Complete Letting Solutions, which provides specialist insurance products to landlords.

Prestige will join Towergate Insurance Brokers Central region, led by regional trading director Rob Simpson.

Langley Horrocks & Hart

Langley Horrocks & Hart is a Birmingham-based general insurance broker founded in 1991 by David Langley.

The company specialises in contractor liability cover, industrial risks and specialist cargo insurance.

Langley and seven members of staff will remain with the business and will join the Towergate Insurance Brokers central region.

Direct Insurance group SME book

The SME portfolio from Direct Insurance Group includes commercial property and commercial vehicle insurance. The portfolio will transfer to the Towergate Insurance Brokers central region.