Towergate Insurance

Towergate Insurance
Insurance broker
Founded 1997 (1997)
Founder Peter Cullum
Headquarters 71-77 Leadenhall St, London EC3A 3DE
Area served
 United Kingdam
Key people
 David Ross CEO
Website www.towergateinsurance.co.uk

Towergate Insurance is a UK-based insurance broker, headquartered in London. It has approximately 5000 employees based in over 100 offices across the UK[1] and handles around £3bn of insurance premiums each year.[2]

History

Towergate was launched in 1997 by Peter Cullum as a provider of specialist insurance to niche markets. The Folgate Partnership was founded in 2002 and Towergate Underwriting and Folgate Partnership merged as Towergate Partnership.

In 2006 Towergate restructured itself into distinct underwriting and retail broking divisions as Towergate Underwriting and Towergate Insurance and in the same year, acquired Paymentshield, a supplier of payment protection insurance to the intermediary market.

Towergate achieved CII Chartered Broker status in 2007.

In 2010 Towergate acquired the mortgage advisers John Charcol[3] and achieves the status of CII Chartered Insurer.

Across 2013 and 2014, Towergate acquired nine other independent insurance providers including Footman James,[4] classic car insurer and Arista Insurance.[5]

In 2014, large scale drop in earnings and mounting debt entered Towergate into a period of uncertainty. In February 2015 the Towergate group was purchased with majority ownership passing to Highbridge. A significant deal was signed which wiped out more than 60% of its £1 billion debts and saw £75 million of new capital being provided.[6] Also in 2015 Towergate confirmed completion of the sale of Towergate Financial, including John Charcol to Palatine Private Equity in a combined deal worth £8.64m.

David Ross was appointed CEO in February 2015,[7][8] after an £8 million settlement to Ross's previous employers Arthur J. Gallagher & Co..[9]


Towergate Sponsorship

References

  1. ↑ "Insurance firm aiming to attract top talent for new contact centre". Manchester Evening News/. Retrieved 7 March 2016.
  2. ↑ "Towergate Annual Report" (PDF). Towergate. Retrieved 28 February 2016.
  3. ↑ "Towergate Buys John Charcol". Mortgatestrategy. Retrieved 7 March 2016.
  4. ↑ "Towergate confirms Footman James purchase". InsuranceAge. Retrieved 7 March 2016.
  5. ↑ "Towergate Aquires Arista". Intellegent Insurer. Retrieved 24 March 2016.
  6. ↑ "Towergate Enters Takeover Deal". DailyMail. Retrieved 29 February 2016.
  7. ↑ "Towergate confirms David Ross as CEO". Towergate. Retrieved 28 February 2016.
  8. ↑ "Towergate lines up David Ross as new CEO". Financial Times. Retrieved 7 March 2016.
  9. ↑ "Towergate Pays Out To Gallagher For CEO". Standard. Retrieved 7 March 2016.
  10. ↑ "Team Army Sponsor". Team Army. Retrieved 7 March 2016.
  11. ↑ "Kent Criket Sponsors". Kent Cricket Club. Retrieved 7 March 2016.
  12. ↑ "2016 Season is GO". Lotus Cup. Retrieved 7 March 2016.
  13. ↑ "Broncos Add Towergate As Sponsor". London Broncos. Retrieved 7 March 2016.
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