Towergate has reported a 51% increase in earning from £62.7m in 2005 to £94.4m.
Total sales in 2006 reached £1.1bn of gross written premiums. Across the whole Towergate group, on an annualized basis, the firm now manages client policy premiums in excess of £1.5m.
Financial Highlights
• Record profit levels and further improvement in return on revenue
• Net assets grew from £378m to £414m in our main regulated company
• Completed refinancing which created a £250m acquisition fund
• Investment attracted and equity release exercise carried out through 10% preference share allocation
Operational Highlights
• 16 acquisitions of businesses and portfolios including largest deals to date
• Restructured into distinct Underwriting and Retail Broking Divisions
• Senior Management strengthened by high quality appointments
• Underwriting Division businesses transforming into ‘virtual insurers'
• £1.9m paid out to 1700 staff through the Employee Benefit Trust as part of the equity release exercise
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
