Towergate reports £14m loss

peter cullum new

The news came as the broker published its results for the year to 31 December 2010 announcing a 12% rise in income to £361m (2009: £323m) and an 18% increase in operating profit from £118m to £139m.

The broker also revealed that its EBITDA to income ratio was up by 2.6% to 38.5% while net commission and fees to gross written premiums rose 1.3% to 21.2%.

According to the company, the insurance broking and underwriting divisions both maintained EBITDA levels in line with 2009 against the backdrop

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