TOWERGATE SELLS COMMERCIAL PROPERTY DIVISION

UK-based broking and MGA group Towergate has sold its Underwriting Commercial Property Division to Global Risk Partners (GRP), a new London market consolidation vehicle. GRP was founded by David Margrett, previously president of Willis Global, with Peter Cullum and backing from Penta Capital. Ian Dopson and a team of eight will transfer from Towergate to GRP. Towergate CEO Mark Hodges said that acquiring and integrating businesses remained core to Towergate's strategy, but that Towergate Underwriting Commercial Property was outside of the company's core strategy. Mr Margrett said that QBE would continue as the commercial broker's key operating partner. In the first half of the year Towergate fell to a loss of £9.9m after writing off £14m in loan fees from a previous debt structure.