Fri, 04 Sep 2026 | BUSINESS SALE
Tower Insurance Brokers, an insurance broker backed by private credit investor TDC, has completed its first acquisition in a planned buy-and-build M&A strategy as it targets £100 million in Gross Written Premium (GWP).
The company has acquired Wilmslow-based broker Riskworks in a deal that adds more than £5 million in GWP and takes its run-rate GWP past the £40 million mark. The firm is targeting further acquisition opportunities across the UK, along with continued organic growth of more than 20 per cent annually.
Tower Insurance Brokers was founded in Lytham in 2017 and, since then, has expanded from a one-person operation to a 52-strong broker. The acquisition of Riskworks strengthens the firm’s presence across the North West, establishing a significant base in the Manchester market.
Post-acquisition, the Riskworks team will remain with the business, which will continue to trade under its existing name as part of Tower Insurance Brokers.
Tower Insurance Brokers founder and Chief Executive Tim Forshaw described the firm’s first acquisition as “an important milestone” for the business.
He continued: "Riskworks strengthens our expertise in high-net-worth and energy insurance while giving us a much stronger presence across the wider North West.”
"It’s a well-established business with good people and a strong reputation, which made it the right fit for us. We have a healthy pipeline of further acquisition opportunities and, with TDC’s continued support, are well placed to build on the strong organic growth we have already achieved.”
Nick Gray, the founder and majority owner of Riskworks, will support the transition and integration. Gray described the two firms as “a perfect fit”, saying they shared “the same vision of providing clients with a personal service backed by a team of highly skilled insurance professionals.”
He added: "Tower has a strong reputation in the insurance market, which will be invaluable in growing the business and supporting Riskworks’ clients. This will ensure we continue to deliver the best possible insurance and risk management service. Tower also has a dedicated in-house claims team, which will be important in supporting Riskworks in this vital area of client service."
The acquisition of Riskworks comes eight months after Tower Insurance Brokers secured a major growth funding line from TDC. Jon Petty, Investment Director at TDC, said that Tower Insurance Brokers had “continued to perform strongly since our investment, combining impressive organic growth with a clear strategy for building a larger national insurance group.”
He continued: "Riskworks is an excellent first acquisition. It strengthens Tower’s position in the North West, brings valuable specialist capabilities into the group and demonstrates the quality of business Tim and the team are looking to acquire. We look forward to supporting Tower as it works towards its ambition of becoming a £100m broker."
While the UK continues to see an active M&A market for insurance brokers, years of intense consolidation means buyer focus is increasingly moving to other areas of the industry
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