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July 31, 2015 8:55 PM ET

Insurance

Company Overview of Towergate Partnership Limited

Company Overview

Towergate Partnership Limited, an insurance intermediary offers personal and commercial insurance products. It offers personal insurance products, such as boat, caravan, home and property, life and planning, military, motor, travel, car hire excess, equine, and school insurance products; and commercial insurance products, including care and medical, financial, liability, property, trade specific, transport, cyber protection, and events insurance. The company also underwrites risks, administers policies, and handles claims and renewals for its brokers and external brokers; provides network services, such as business support services that include marketing, compliance, IT, training, and human ...

Towergate House

Eclipse Park

Sittingbourne Road

Maidstone,  ME14 3EN

United Kingdom

Founded in 1997

Phone:

44 1622 754 754

Fax:

44 1622 754 999

Key Executives for Towergate Partnership Limited

Interim Chief Executive Officer and Director
Age: 43
Founder and Non-Executive Deputy Chairman
Managing Director of TRS Poole
Group Chief Financial Officer and Chief Operating Officer
Chief Executive Officer of Retail Broking
Compensation as of Fiscal Year 2015.

Towergate Partnership Limited Key Developments

Towergate Announces Executive Changes

Towergate has announced that interim CEO Scott Egan will be leaving the company, to join the executive board of RSA Insurance Group as group chief financial officer. Mr. Egan was appointed interim CEO in February 2015 and will continue to operate in this role as he serves a notice period. The company also confirms the appointment of Mark Mugge as Towergate Group chief financial officer following the planned departure of the company's interim CFO. Mr. Mugge will continue with his responsibilities as chief operating officer, pending a new appointment.

Towergate Creates New Retail Broking Division; Announces Executive Changes

Towergate announced that it is creating a new Retail Broking Division. This new division offers a great opportunity to build on retail leadership whether face to face, in offices, on the phone or digitally and to build Towergate's unique client offer as the UK's SME and specialist Broker business. The division will be led by Janice Deakin, who will join the Group as Retail Broking Director on 12 August 2015. The existing leadership teams led by CEOs Mike Lawton and James Tugendhat will work with Janice to transition to this new model and to keep transforming and building the business. In addition, Towergate is also pleased to announce that Sarah Dalgarno will be starting on 4 September 2015 in her role as Chief Risk Officer. Keith Jackson, who had postponed his planned 2014 departure to ensure an orderly handover, will leave following Sarah's arrival.

Towergate Insurance Reports Group Earnings Results for the First Quarter Ended March 31, 2015

Towergate Insurance reported group earnings results for the first quarter ended March 31, 2015. 8% decline in income year on year. 10% decline in organic income, excluding trading deals, broadly consistent (within 1%) with fourth quarter of 2014. Performance adversely affected by group financial restructuring and significant change programme. The group is back on a stable financial footing with a 60% reduction in net debt and £125 million liquidity injection following the completion on 2 April of the recapitalization.

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
March 5, 2015
Towergate Financial (West) Limited
Merger/Acquisition
September 2, 2014
The Folgate Partnership
Merger/Acquisition
August 18, 2014
Open International Limited
 

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