Towry Law JS&P Group has sold its general insurance and healthcare arm, Towry Law Insurance Brokers to Broker Network Holdings and a consortium of TLIB directors for £12.5m.
Towry Law JS&P Group says the GI arm is not core to its business model and says it will now focus on offering independent financial and wealth management advice to private and corporate clients.
The sale is subject to FSA approval.
Chairman and chief executive Andrew Fisher says: “The general insurance and healthcare business of Towry Law no longer has a natural fit with our core business of wealth management.
“We are moving towards being totally fee based which is, in my view, fundamental to giving independent, appropriate and intelligent wealth management advice to our clients. Fee based advice is however less relevant currently to the general insurance market.
“I am really pleased that we have been able to help find our successful insurance business an acquirer that has such a strong strategic fit for their business.”