OPEN International, the Worcester-based supplier of IT solutions to insurance brokers, has been sold for £276 million.

The buyer is Europe's largest independently owned insurance intermediary, Towergate, for which this the largest ever deal in its 10-year history.

The package covers all Open International Group companies, including Open GI, the Countrywide Network, and London Market technology provider MI Ltd.

The business will be run as a separate entity under the Towergate Partnership umbrella and all of Open International's 300 plus staff will remain under the leadership of chief executive officer Phillip Bell, and his management team, who will maintain their owner-driver status by retaining an equity holding in the business.

With 27,000 users of the system across 2,000 commercial and personal lines brokers, Open GI, which has offices in Buckholt Drive, Warndon, has about 40 per cent of the UK broker market and has strong partnerships with all major insurers.

The company has a 28-year history and was purchased from Misys in March 2006 by the management team and Montagu Private Equity. Open GI is the largest supplier of broking and underwriting systems to Towergate, which has more than 1,000 users, and the transaction will serve to secure and enhance its IT platform and future systems development.

Towergate is the fastest growing insurance intermediary in the UK and a major force in the industry, employing more than 3,000 people in 100 offices.

It has 200 specialist insurance products, which are available both direct to the public and via insurance intermediaries.

Towergate's chairman, Peter Cullum, said: "This is a great deal all round, and it seems fitting that this comes at a time when we are celebrating Towergate's 10th anniversary.

"Open International has great potential and helps future-proof our largest strategic IT platform.

"They have an extremely strong market position and reputation, and are run by a highly accomplished management team. The key to Towergate's strategy and success has always been distribution, and Open International are leaders in the UK at helping brokers access an exceptionally wide range of products." Mr Bell said: "We are delighted to have signed this agreement with Towergate.

"The opportunity to agree a deal with the UK's largest and most influential intermediary made sound business sense as it benefits all of our stakeholders.

"Open International has worked closely with Towergate for many years and we share a commitment to the broker market, product distribution and, more importantly, an understanding of the wider market.

"We look forward to drawing on our combined experience and shared values to continue to expand our presence and further develop our product offering.

"We are confident that the transaction will have a positive impact on all of our customers and staff."