US insurance giant Aon is reportedly in advanced talks with British brokerage group Towergate over the disposal of its classic motorcycle and car broker Footman James.
Aon, which acquired Footman James from private equity investor Alchemy Partners in 2007, wants to offload the business because of difficult motor insurance market conditions and the domination of aggregators. Terms of any potential sale have not been revealed but Aon says “more information will be announced as appropriate”.
Footman James rival Lancaster, another classic vehicle insurance specialist which currently belongs to international business process outsourcing and professional services conglomerate Capita, is also known to be up for sale for similar reasons.