Peter Cullum, the name behind Towergate who co-founded Global Risk Partners (GRP) in 2013, is said to be meeting with potential buyers of the UK insurance intermediary group. Cullum is both GRP’s chairman and largest individual shareholder.
A report by The Mail on Sunday, without citing reasons why the offloading is being considered, said the British businessman is in talks with the likes of Apollo Global Management and Centerbridge as well as private equity firms CVC Capital Partners and Apax Partners.
The possible sale is estimated to be worth around £800 million, the figure being approached by GRP’s run rate gross written premium as reported by the group on December 30, 2019. Last year GRP made 18 acquisitions.
We will bring you more on this story as it unfolds.