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
