The founder of the UK's largest private insurance firm could receive £2 billion after it was reported today that his company had received bid approaches.
Towergate executive chairman Peter Cullum is believed to have a price tag of at least £3 billion on the business, in which he has a 65% stake.
Mr Cullum, who is 56, established Towergate in 1997 to provide insurance in niche markets ranging from holiday homes to classic cars. It now employs 3,500 staff in 100 UK offices after expanding through more than 100 acquisitions.
If Mr Cullum does agree to sell, he is likely to give some of the proceeds to charity.
He owns a charitable trust that funds children's charities and reportedly paid half of his £9.2m bonus into it last year.
