Towergate to merge with Ryan Direct, Chase Templeton, Autonet
Towergate owners HPS Investment Partners (HPS) and Madison Dearborn Partners (MDP) plan to bring together their UK regional network of businesses, which also includes independent van insurance broker Autonet, private medical insurance brokerage provider Chase Templeton and insurance solutions Ryan Direct Group.
Towergate is an independent insurance broking platform employing around 4,000 people providing insurance products to small and medium sized enterprises (SME), corporate clients and specialist personal cover; with an advisory business distributing primarily SME commercial advised insurance and retail distributing both SME and personal insurance.
The companies involved will continue to operate independently and under their existing leadership, according to a statement.
Joining this group is Price Forbes, the international specialty business with offices in London, Bermuda, South Africa, Malaysia and Dubai offering world class, non-conflicted, specialist and reinsurance advice across the globe.
HPS and MDP believe that the coming together of all of the above businesses under a single holding company KIRS, to be renamed in the third quarter of 2017, will drive significant benefit for customers, the group’s market position and cost efficiency.
John Tiner, chairman of the newly enlarged group commented: “Today’s announcement demonstrates the tremendous confidence our major shareholders have in the businesses we are bringing together and the opportunities for further expansion. I am very much looking forward to working with HPS, MDP, David and Mike and the Board in creating the UK’s leading diversified insurance platform and intermediary with global reach.”
HPS’ and MDP’s investments in the sector are currently owned via two holding companies – KIRS and Nevada which will be brought together into a single group holding company.
KIRS is the holding company name for the firm that will be created by the bringing together of Autonet, Chase Templeton, Direct Group, Towergate and Price Forbes. The enlarged group will harness market leading positions spanning the breadth of UK general insurance and have a global reach. The brand name of the enlarged group will be announced in due course, according to the statement.
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