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August 30, 2015 8:35 AM 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 Management Changes

High Court proceedings initiated in March 2015 between Arthur J Gallagher, David Ross and others have been settled enabling Towergate to focus its full attention on successfully growing its business. As part of the settlement, Towergate has agreed to pay GBP 4 million in August 2015 and GBP 4 million in April 2016 for cessation of all litigation proceedings. As a result a prolonged period of uncertainty for the firm has been averted with Arthur J Gallagher agreeing to the early release of David Ross, who will join the firm on November 1, 2015 as Chief Executive Officer and Adrian Brown on September 14, 2015. Scott Egan, interim Chief Executive Officer, will leave Towergate on September 14, to become Group Chief Financial Officer of RSA Insurance Group Plc at which time Adrian Brown will take up the reins of Chief Executive Officer for a six week period until David joins, when he will take up the position of Chief Operating Officer. Over the past few months the Towergate leadership team has been strengthened by the arrival of Janice Deakin as Retail Broking Director and Mark Mugge as Chief Financial Officer and Sarah Dalgarno joins as Chief Risk Officer on September 4. David had a 25 year career at Arthur J Gallagher having started there as a trainee. 2005 David was appointed CEO of the International Division where the company underwent a defining period of growth and expansion.

Towergate Announces Earnings Results for the Six Months Ended June 30, 2015

Towergate announced earnings results for the six months ended June 30, 2015. The company's operating earnings decreased by 40% to £39 million against £65 million a year ago, alongside a 10% drop in revenues to £184 million for the period. Profit before tax at the consolidator fell from £15 million in the first half of 2014 to a loss of £58 million this year and operating cash flow dropped by 72% to £12 million against £43 million a year ago.

Towergate Announces Executive Appointments

Towergate has appointed former Willis development director Richard Morgan to the role of sales and service director for its newly established City branch. He will report to David Armstrong, area director for London South, as part of the London regional team now reporting to Russell Collier. In addition to this, Tim Simpson-Lee and Richard Turner will join Towergate London Market, the firm's wholesale business dealing primarily with placement into Lloyd's of London. Simpson-Lee joins from the underwriting management team at QBE having formerly held underwriting positions within Lloyd's.

Recent Private Companies Transactions

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

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