5 July 2016Insurance

Towergate sells majority interest in Broker Network

Towergate Insurance, an independent insurance intermediary, has completed the sale of a majority interest in its Broker Network business to Highbridge Principal Strategies.

The transaction was finalised following regulatory approval and the affirmative vote of the requisite majority of shareholders.

Plans to sell the majority interest were announced back in March, for a consideration of up to $46 million.

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