Towergate continues expansion

May 1 2008

Fourth Scottish takeover in a year for insurance broker and financial services firm

Towergate Partnership has acquired Glasgow based insurance broking and financial services group MacDonald Reid Scott as it continues its rapid expansion in Scotland.

It is Towergate's fourth acquisition in Scotland in the last 12 months.

Peter Cullum, executive chairman of Towergate said, “This is another great signing for Towergate in Scotland where we have strong ambitions to build our capabilities in both general insurance and financial service sectors.
"The MacDonald Reid Scott Group is a leading player in the Scottish market whose team adds some great expertise to the Towergate family”.

Patrick Snowball, chairman of Towergate Financial Services said, “MacDonald Reid Scott Financial Ltd is a great addition to Towergate Financial Services.  We have exciting plans to expand our presence in Scotland through the acquisition of well run IFA businesses as part of our new model for this market”.

Ronnie MacDonald, Chairman of MRSIB said “I am confident that Towergate is the ideal partner to support us in this next phase of development, whilst maintaining our ethos of a personal & professional service to our clients, upon which we have built our business."

Towergate is Europe’s largest independently owned insurance intermediary and employs more than 4000 people across 100 UK offices.