Distressed UK broker Towergate has confirmed a new debt for equity swap organised between its secured and unsecured creditors and led by Highbridge Capital Management
The creditors of distressed UK broker Towergate have struck a deal that will see a consortium of unsecured creditors led by Highbridge Capital Management take control of the firm for an equity value of around £360mn, The Insurance Insider understands.
Willis' fine art, jewellery and specie team along with its kidnap and ransom specialist SCR will be the first units to join Miller when the global broker's deal to buy an 85 percent partnership in the independent London wholesaler completes
