Towergate’s acquisitive business strategy has pushed consolidation in the insurance sector. Executive chairman Peter Cullum has made 17 acquisitions this year alone, bringing the company’s total to nearly 160 since it was founded just over a decade ago. The Maidstone firm says it now controls more than £2.1 billion in gross premiums, making it Europe’s largest independently owned insurance intermediary. It specialises in niche insurance markets such as military equipment, nightclubs, holiday homes and therapists. This year it created Towergate Financial Services, raising £108m from Royal Bank of Scotland and Lloyds TSB to acquire a string of regional independent financial advisers. Sales have grown 73% a year from £52.1m in 2004 to £268.9m in 2007.
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