The acquisition will add £8m GWP to the broker’s operations
Towergate is to enhance its international operations with the acquisition of AFL Insurance Brokers’ (AFL) corporate retail book.
Towergate’s director of client services Tony O’Gara described the deal as creating a unique opportunity for the broker.
AFL’s 13-strong corporate retail team generates £8m of gross written premium and works with a number of US Fortune 100 companies.
Once the deal is completed, the AFL team - including managing director Mike Almond - will join Towergate’s global broking practice, which is headed up by O’Gara and based in Manchester.
“After talking to the retail team for some time, we’ll be delighted to welcome Mike and [his] team of global broking experts into Towergate and our existing international offering,” said O’Gara.
“We have long admired their skill set, knowledge and [the] quality relationships they have developed as Worldwide Broker Network members.
“Upon completion, we will have a unique opportunity to leverage the expertise across our business, with the strength of the Towergate brand, and enhance the services we can deliver to both new and existing international clients within Towergate, but also within the wider Ardonagh Group.”
Mike Almond added: “[The rest of the team and I] are really excited about the opportunities and resources we will tap into as part of Towergate upon completion.
“Our proposition to clients will be further strengthened by access to Towergate’s risk management, credit and employee benefits teams, as well the negotiating strength that comes with being part of the wider Ardonagh Group.”