British Insurance has confirmed it has been bought by Towergate, with the deal finalised on 22 Janua...
British Insurance has confirmed it has been bought by Towergate, with the deal finalised on 22 January.
When contacted, Towergate would neither confirm nor deny the rumour but Simon Burgess, managing director of British Insurance, affirmed the reports. He said: "I can confirm it's true. After looking at many suitors, we decided Towergate was pre-eminent in its field. We think it is run by the most competent and professional management team in the UK. We want to back a winner."
British Insurance is one of the UK's leading providers of payment protection insurance and was recently valued at £25m.
Towergate has over 100 offices in the UK employing over 3,500 staff. It acquired Paymentshield, a mortgage-related general insurer, in 2006
Chris Traynor, sales and marketing director for Paymentshield, believes his company has benefited since joining Towergate. He said: "Our business and our propositions have been enhanced by our relationship with one of the biggest insurance distributors in Europe."
