Admiral's Lyons confirmed as new Towergate chairman

Towergate has confirmed the appointment of Alastair Lyons as its new non-executive chairman, as predicted by Insurance Times earlier this year.

Towergate founder and current executive chairman Peter Cullum is now becoming non-executive deputy chairman.

He will remain the largest individual shareholder of Towergate and continue as executive chairman of CCV.

Lyons, became a non-executive director of Towergate following a £200m investment by private equity house Advent, is currently non-executive chairman of both the Admiral Group and Serco.

Cullum said: “I would like to welcome Alastair to the new role of non-executive chairman of Towergate.

"He has been chairman of the Admiral Group for more than ten years during which time Admiral floated on the London Stock Exchange and subsequently entered the FTSE 100. His many years of industry expertise will be invaluable to our team.”

Towergate is preparing for a flotation in the next three years.

Cullum continued: “Over the last 13 years Towergate has grown significantly, integrating over 170 complementary acquisitions.

"Given our scale and market position it now feels like the right time to strengthen the board with the appointment of Alastair who brings a wealth of experience with which to support the management team as we continue to grow the business.

"My role as Towergate’s deputy chairman, and chairman of our fast-growing subsidiaries CCV and PowerPlace, will enable me to focus specifically on driving further growth through acquisition and innovation.”

Lyons said: “I am delighted to be taking the chair of Towergate at this important stage in the development of the business. Towergate is a highly successful and entrepreneurial business for which I have always had great admiration.

"Their track record and determination has made them one of the leading insurance businesses in Europe. I am looking forward to working with the team as they implement their growth plans over the coming years.”