Towergate Acquires Country Mutual

Towergate Partnership has taken another major step forward in their rapid growth, with the purchase of Country Mutual Insurance Brokers from NFU Mutual.

Country Mutual are one of the Top 30 UK brokers in size and have over 400 staff in 16 offices nationwide. Controlling in excess of £130m GWP, the Country Mutual acquisition strengthens Towergate’s position further as the UK’s most successful regional broking consolidator.

The Profile of the Country Mutual insurance portfolio is a close fit with Towergate's, with a strong specialist affinity business through the former Beckett's operation and a high concentration of SME commercial business.

Peter Cullum was delighted: "This is an exciting move for both Towergate and the Country Mutual staff. There is a great fit between our business profiles, and the new staff will have access to nearly 200 specialist products and a wealth of experience amongst their 2700 colleagues. The potential here is huge".

"We remain highly ambitious in terms of both organic growth and further acquisitions, with a whole raft of excellent deals currently in play. We also remain on course to achieve our £2 bn annualised GWP target by the year end and ultimately lay claim to be the largest independently owned insurance intermediary in the world."

Ian Geden, Chief Executive of NFU Mutual said, "The decision to sell CMIB was not taken lightly as CMIB is a well-run and well managed business with talented and committed people. However the Board believes that NFU Mutual's strategic focus should be firmly directed towards the development of its core Agency business."

"Having decided to sell CMIB we are extremely pleased to reach this agreement with Towergate. It is important that staff not only have continuity of employment but will also be joining another successful and progressive company."

Media Contacts

Russell O'Connor

Group Communications Manager

Towergate

Tel: 01622 656782

Mobile: 07760 282586

Email: Russell.o'connor@towergate.co.uk