Results news: 'Admirable' performance as Towergate rates stay put


The statement came as Towergate unveiled a £28m loss for 2009 (2008: £18.8m loss) on gross written premium of £1.86bn (2008: £1.8bn) after suffering a downturn in investment income.

EBITDA costs rose from £112m to £118m on a statutory basis, and £140.9m (2008: £149m) on a pro-forma basis if Paymentshield, which it integrated in June 2009, had been 'owned' for the full year.

In a statement, Mr Cullum said that Towergate's retail broking division performed "admirably" while its underwriting

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