The 13-strong retail roster of AFL Insurance Brokers is moving to Towergate Insurance Brokers as part of the latter’s swoop for AFL’s corporate retail book of business, it’s been revealed.
Without disclosing financial terms of the acquisition, Towergate announced that the unit will make the switch when the transaction is finalised, according to an Insurance Journal report. The snapped up book is said to be worth £8 million in gross written premium.
“I and the rest of the team are really excited about the opportunities and resources we will tap into as part of Towergate upon completion,” the publication cited director Mike Almond as saying.
“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 than comes with being part of the wider Ardonagh Group.”
Prior to the Towergate deal, a wider AFL line-up – including chief executive Jonathan Bines – was recruited by Specialist Risk Group (SRG). Unveiled last week, the transfer includes the clients of the moving AFL executives.
“We have been working closely with the SRG team to ensure a smooth transition, and I am confident this will be achieved in the coming weeks,” said Bines at the time.
Meanwhile, it was reported that the developments at AFL are fully supported by both its customers and shareholders.
