Insurance broker, the Broker Network, has agreed to sell up to intermediary Towergate.

The recommended cash offer values the company at £95 million.

Towergate views the acquisition of the network of 169 independent insurance brokers as a key plank in its growth strategy.

Executive chairman of Towergate, Peter Cullum, said that he was "delighted" to make the announcement and it was a deal that made "great sense" for everyone concerned.

He went on to say that the two companies would complement each other perfectly.

Grant Ellis, chief executive of Broker Network, said: "Towergate is a major presence in the UK insurance market and joining forces with them presents Broker Network and its members with further opportunities to expand and prosper, which I'm very excited about."

Towergate is the UK's largest independently-owned insurance intermediary and its business consists of a number of niche underwriting agencies

The Broker Network directors have unanimously recommended that Broker Network shareholders accept the offer.

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