Towergate Health & Protection has broadened its employee benefits business with the purchase of Benefiz Limited.
Benefiz was established to aid smaller employers offer benefits that are normally the reserve of larger firms.
In addition, its team review, design, source and implement a wide range of benefits managed online via one of their flex platforms.
Benefiz will operate as part of whole-of-market adviser Towergate Health & Protection. Having built a strong reputation in the health and protection market, this acquisition will enable Towergate to widen its range of services to include pensions benefits support.
Iain Laws, CEO of Towergate Health & Protection said: “Benefiz is a strategic addition to our business which will contribute to our ongoing growth through the addition of benefits technology platforms and pension administration capabilities. This will help us meet growing demand from larger businesses for a holistic approach to employee benefits and marks our evolution into a comprehensive employee benefits adviser. We look forward to working with Tim and his team in this exciting next chapter in our ongoing development.”
Founder and CEO Tim Gillingham added: “Joining Towergate Health & Protection and the broader Ardonagh Group will help support our continued growth by allowing us to cover more services to existing Towergate clients meeting the growing demand from clients for a single advisory firm managing all their benefits.
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By GlobalData“In looking for the right owner for Benefiz, opportunities for our team, and the commitment to support our continued growth were paramount. In Towergate Health & Protection we’ve found both. We’re thrilled to be joining forces.”
In related M&A news, US insurance brokerage Bowen, Miclette & Britt Insurance Agency (BMB) has announced the acquisition of M Surety Services, bolstering its presence in the contract surety bond market.
The financial terms of the transaction were not disclosed.
Founded in 2018, M Surety Services is engaged in offering contract surety bonds, which are said to enable contractors to secure the highest bond capacity at the most competitive rates.
A surety bond serves as a risk transfer tool, where an insurer guarantees the beneficiary that the contractor will fulfil their contractual duties, with monetary compensation provided in case of non-compliance.
