Towergate to keep Broker Network despite interest from buyers

Towergate has decided not to sell Broker Network despite attracting the interest of several suitors, Insurance Times understands.

One of the interested parties is believed to be Global Risk Partners (GRP), the investment vehicle backed by Towergate founder and deputy chairman Peter Cullum.

Software house SSP, which owns the Keychoice broker network, is understood to have looked at Broker Network but did not make a bid.

GRP and SSP both declined to comment. A spokeswoman for Towergate said: “Towergate does not comment on market speculation.”