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Paymentshield set for £180m sale to GI giant

Paymentshield is set to be sold to one of the UK’s largest general insurance intermediaries in an expected £180m deal, Money Marketing understands.

The Towergate Partnership, which controls over £1.25bn of gross written premiums, is believed to be in the final stages of negotiations to snap-up the mortgage payment protection insurance and buildings and contents insurance provider in a deal that is set to see Paymentshield chief executive Stuart Pender land a bumper pay cheque.

However, neither party is commenting on the speculation.

Any deal is likely to see Towergate run Paymentshield, which wrote £186m of premium income during the last financial year, in an underwriting agency capacity with a number of insurers, led by Royal & Sun Alliance, providing cover.

It would mark Towergate’s first major foray into the protection market and see the part broker/part underwriting agency, which has snapped up over 115 firms since its launch in 1997, become a major player in the sector.

Paymentshield, whose majority shareholder is HBOS and whose policies are mainly underwritten by HBOS subsidiary St Andrew’s Insurance, has been rumoured to be looking for a buyer for a number of months.

None of the parties involved are commenting on the speculation.

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