Broker Network Holdings is to acquire the general insurance business of Towry Law for £12m, creating a new subsidiary with offices in Birmingham, Bracknell, Glasgow, Leeds, Leominster and London. The acquisition, for £12.5m, was made in conjunction with a consortium of Towry Law's management team, led by managing director Martin Wright, who take a 25% share of the business. Towry Law controls more than £50m of premiums. Towry Law is to rebrand, although the new name had yet to be decided. It will also need to look for new office space as it currently shares with the other Towry Law Group businesses. TLIB will become a member of Broker Network and all staff will transfer. The sale of TLIB, the general insurance and healthcare arm of Towry Law JS&P Group (TLG), comes less than a month after JS&P acquired Towry Law Group from Henderson Group for £37m. Towry Law JS&P Group said TLIB had been sold as it did not fit with the group's core IFA and wealth management business.