Towergate has completed deals to acquire two insurance brokers, Lovat Insurance Brokers and Watt UK, as part of a strategy to strengthen its presence in the country.
Under the terms of the transaction, the company will purchase Lovat Insurance Brokers in Tunbridge Wells, from parent Bestinvest, and Watt UK, trading as S Saunders & Co, based in Manchester.
Towergate group chief executive Mark Hodges was quoted by Post as saying, "Acquiring and integrating businesses remains central to our growth strategy.
"Buying more of the right specialist firms is one of our key priorities and we are delighted to welcome both Watt UK and Lovat Insurance Brokers into Towergate.
"They bring with them a reputation for providing quality insurance solutions to their customers."
Lovat delivers an array of specialist products across the construction, manufacturing, charities, LPA receivers, property owners, and professional advisers sectors.
The British Rowing endorses its specialist Elite Rowing Scheme, and insures more than 1000 individuals and over 50% of the larger rowing clubs across the country.
In accordance with the terms of the deal, Lovat founder Tim Austin and his team will transfer to Towergate’s London south area operation, under the management of Rob Simpson.
Watt UK operates as a community broker and provides both small business and personal products, specializing in commercial insurance for local businesses.
The business will be transfered to Towergate’s Moscrops operation based in Bury, under the management of Andrew Champion and regional trading director, Tony O’Gara.
Watt owner Simon Boyle and director, Richard Pickstock, will continue to carry their responsibility at the same post.
Image: Towergate purchases Lovat and Watt in UK.Photo: courtesy of adamr/freedigitalphotos.net.