Towergate makes three acquisitions

Cullum Capital Ventures (CCV), part of Towergate Insurance, has completed the acquisition of Underwood Insurance Services, Dale Insurance Services and Brighton Insurance (Brokers) Group.

This takes the total number of group acquisitions for the year to 11.

Newport-based Underwood Insurance Services specialises in overseas properties and social clubs. The 22-strong team will remain with the business, including managing director Neil Underwood and the broker will form part of the CCV south region and report to regional managing director Joe Simmons.

Dale Insurance Services is a specialist commercial insurance broker, focussing on the farming community surrounding its Northumberland-based office. Director Kathy Kay will join CCV and report to managing director Joanne Lee.

SME broker Brighton Insurance (Brokers) Group specialises in nationwide industrial, commercial and personal lines insurance. The broker will join CCV Crawford Davis and the 11-strong team will report to managing director Dominic Taylor.

Towergate Insurance Group chief executive Mark Hodges (pictured) said: “We are pleased to welcome these latest acquisitions into our broking division and delighted to see the momentum of acquisitions continue into the second half of the year. These businesses are located in regions where we recognise a real opportunity to secure a market leading position, building upon our scale in UK broking.

“It is an exciting time for us in the M&A arena, with our pipeline remaining strong and the recent appointment of Ryan Brown as group M&A director. Our proposition remains attractive to quality businesses that are keen to deliver profitable growth in line with our own strategic goals. On behalf of the entire group, I would like to welcome these businesses into Towergate.”