Tower Insurance Brokers, which secured backing from private credit investor TDC last year, has acquired Wilmslow-based broker Riskworks, which controls gross written premium of around £5m. The deal takes Tower’s GWP to more than £40m.

Tower secured backing from TDC last year and says it wants to use the multi-million-pound funding facility to support a buy-and-build strategy. The broker aims to complete further acquisitions while targeting annual organic growth of more than 20%.

Tower was founded in 2017 and now has a team of more than 50 people. Acquiring Riskworks, which will continue to trade under its own brand, gives Tower an increased presence in the North West.

Tim Forshaw, CEO and founder of Tower Insurance Brokers, said: “Completing our first acquisition is an important milestone for Tower. Riskworks strengthens our expertise in high-net-worth and energy insurance while giving us a much stronger presence across the wider North West.

Nick Gray, founder and majority owner of Riskworks 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.”