Tower Insurance Brokers has secured multi-million pound growth funding from TDC as it looks to accelerate expansion and deepen its presence in the specialist commercial insurance market.
The funding marks a significant milestone for the business, which has grown organically since its launch in 2017 without external investment.
Founded by Tim Forshaw, who left global broker Gallagher to establish the firm, Tower has expanded from a single desk in Lytham to become a Top 100 broker with close to £40 million in gross written premium.
The growth has been driven by a deliberate focus on non-standard commercial risks that have historically been underserved by mainstream insurers. After gaining regulatory approval, the business spent its early years building a client base from scratch, combining direct business development with detailed research into sectors overlooked by traditional underwriting approaches.
That work led Tower to specialise in areas including construction, large property developers and landlords, hospitality venues and family entertainment centres. The broker has developed sector-specific datasets and underwriting programmes designed to better reflect the true risk profile of these markets, with the aim of improving access, pricing and suitability of cover.
Alongside its product development, Tower has also expanded its geographical reach, building teams across the North and South of the UK to support a growing national client base.
The new funding comes from TDC’s Impact Fund and will be used to support the next stage of growth. This includes exploring potential acquisitions to add further niche capabilities, as well as investing in senior talent to strengthen the management team and broaden expertise within the business.
Tim Forshaw, chief executive at Tower Insurance Brokers, said: “From day one, our mission has been to challenge outdated underwriting assumptions and give niche industries the insurance solutions they deserve.
“In just eight years, we’ve done exactly that, establishing ourselves in what is a crowded market while achieving exponential growth. Having done this largely by ourselves until now, we recognised the need to bring in additional investment to continue delivering on this growth.
“When we met TDC, it was clear we were culturally aligned. They understood our business immediately and saw the potential investment could unlock for us.
“Now, with the investment in place, we’re entering a new stage for the business as we go on the acquisition trail and look to bring in senior talent. If the last few years are anything to go by, the next few promise to be even better.”
Jon Petty, investment director at TDC, added: “Tower is an exceptional example of a founder-led business that has identified a market gap and built a high-growth company around deep specialist knowledge.
“We are excited about partnering with Tim and the team in the next phase of their growth.
“This is exactly what our Impact Fund was designed for, supporting high growth Northern businesses to scale, creating jobs and boost the regional economy.”
