Tower Insurance Brokers is aiming to control between £75m and £100m in gross written premium after completing its first acquisition.
The TDC-backed business has acquired Wilmslow insurance broker Riskworks, adding more than £5m in gross written premium and taking Tower’s run-rate total beyond £40m.
The deal marks the start of Tower’s buy-and-build strategy. The company is considering further opportunities across the UK while continuing to pursue annual organic growth of more than 20%.
The acquisition comes eight months after Tower secured a growth funding line from private credit investor TDC.
Founded in Lytham in 2017, Tower has grown from a one-person operation into a top 100 independent insurance broker employing 52 people.
The deal will expand its presence across the North West and establish a base in the Manchester market.
Riskworks serves companies in sectors including commercial, food, technology and energy. Its high-net-worth team will become Tower’s centre of expertise in the market.
The Riskworks team will remain with the business, which will continue to trade under its existing name as part of Tower Insurance Brokers.
Tim Forshaw, chief executive and founder of Tower Insurance Brokers, said: “Completing our first acquisition is an important milestone for Tower. Riskworks strengthens our expertise in high-net-worth and energy insurance while giving us a much stronger presence across the wider North West.
“It’s a well-established business with good people and a strong reputation, which made it the right fit for us. We have a healthy pipeline of further acquisition opportunities and, with TDC’s continued support, are well placed to build on the strong organic growth we have already achieved.”
Riskworks founder and majority owner Nick Gray will support the transition and integration.
Gray said: “I am delighted that Riskworks has joined forces with Tower Insurance Brokers. It’s a perfect fit, as we share the same vision of providing clients with a personal service backed by a team of highly skilled insurance professionals.
“Tower has a strong reputation in the insurance market, which will be invaluable in growing the business and supporting Riskworks’ clients. This will ensure we continue to deliver the best possible insurance and risk management service.
“Tower also has a dedicated in-house claims team, which will be important in supporting Riskworks in this vital area of client service.”
Jon Petty (pictured), investment director at TDC, said: “Tower has continued to perform strongly since our investment, combining impressive organic growth with a clear strategy for building a larger national insurance group.
“Riskworks is an excellent first acquisition. It strengthens Tower’s position in the North West, brings valuable specialist capabilities into the group and demonstrates the quality of business Tim and the team are looking to acquire.
“We look forward to supporting Tower as it works towards its ambition of becoming a £100m broker.”
Tower was advised on the transaction by Dow Schofield Watts’ North West team, led by Gregg Pendlington, Jack Keoghan and Ben McKie.
Jonathan Robinson and Alec Mackenzie at DWF provided legal advice, while Peter Hully at Claritas provided tax advice. TDC was advised by Ben Edwards and George Walmsley of Addleshaw Goddard.
