Towergate Partnership Ltd, a Maidstone, UK-based independent insurance intermediary, is to receive a £200m investment from Advent International.
Founded in 1997 by Chairman Peter Cullum, Towergate provides both specialist personal and commercial insurance products to individuals and small and medium-sized enterprises through its sister company, Cullum Capital Ventures, and its group of companies, which include Towergate Underwriting, Paymentshield, Broker Network and Towergate Financial.
Towergate’s operations cover all aspects of insurance distribution and underwriting, with the exception of capital provision.
Led by CEO Andy Homer, the business currently employs around 4,000 staff located across its 100 UK offices.
As stated by Nick Rose, Director at Advent International, the investment will enable Towergate to continue its growth strategy of acquiring high quality specialist and SME brokers.