Towergate confirms Hall & Clarke will have to shut one of its offices

Towergate has confirmed it is to close one of the offices of niche broker Towergate Hall & Clarke an...

Towergate has confirmed it is to close one of the offices of niche broker Towergate Hall & Clarke and move its business to other parts of the group.

The Harrow-based broker, which specialises in classic car and aviation cover was acquired by Towergate in April 2005. Insurance Age understands the broker's commercial lines book will be sold to CCV and the aviation book will be transferred to Hayward Aviation, a 2007 acquisition. It is thought that up to nine people could be made redundant as a result of the closure.

A spokesman for Towergate refused to comment on potential job losses but on the transfer of business he said: "We're currently talking to staff at Towergate Hall & Clarke about proposed changes to the business.

"With more demand being placed on its brokers to handle commercial insurance we are looking at ways to help Towergate Hall & Clarke focus on its core strengths in niche areas. We are therefore considering selling its commercial book to nearby CCV office Arthur Marsh based in Uxbridge."

He added: "Such a move would make commercial sense enabling the Towergate Hall & Clarke business to concentrate its efforts on key niche areas. At the same time the commercial book would continue to be serviced by a local and trusted broker. A final decision on the sale of the commercial book will be made over the coming weeks."

The personal lines book will be retained by the remaining Towergate Hall & Clarke office.

At the time of the Hayward purchase, Towergate executive chairman, Peter Cullum hinted there were future synergies to be exploited in the two broker's complimentary aviation books.

"(The purchase) will significantly expand our aviation offering at Towergate where it already has an excellent trading relationship with Towergate Hall & Clarke," he said.