The general insurance and healthcare arm of Towry Law has been sold to Broker Network Holdings and a consortium of the Towry Law Insurance Brokers (TLIB) management team for £12.5m.
Contracts have been exchanged, subject to approval from the Financial Services Authority (FSA), with the deal set to add £50m of gross written premiums and six new offices to Broker Network, for the sum of £12.5m made up of cash resources and bank debt, making it the largest acquisition by Broker Network so far. The sale of TLIB, follows the takeover of Towry Law at the beginning of May in a £37m deal by JS&P to form the new IFA firm, Towry Law JS&P Group. It says the sale was necessary as the general insurance and healthcare business of Towry Law no longer “has a natural fit with our co...
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