8th November 2006

Dow Schofield Watts has advised on the sale of Paymentshield to Towergate.

Paymentshield is the largest independent supplier of general insurance products to the mortgage intermediary sector. It has gross annual written premiums in excess of £200m and in April 2006 was ranked by the Sunday Times as one of the top 100 fastest Growing Companies in the UK.

Towergate is the fastest growing insurance intermediary in the UK and controls in excess of £1.25bn of Gross Written Premium.

Under the terms of the deal, Paymentshield remains an independent business and the management team retains a significant financial interest. The company has become a sister company of Towergate.

As part of the transaction, Bank of Scotland Corporate has sold its entire equity stake in the business.