Gallagher raids Towergate for senior hires

Tax departure lounge

Gallagher International has poached the managing directors of two of Towergate's largest underwriting units.

It is understood that Gallagher has hired Simon Read and Scott Banks,Towergate's head of commercial and homeowners respectively.

Prior to his departure Mr Read was tasked with leading a new Towergate Underwriting commercial e-trading proposition, due to go live this summer, as managing director of e-traded business.

Market speculation has suggested the pair will now head up a new UK e-commerce underwriting unit that sits within Gallagher's underwriting operations.

Towergate and Gallagher both

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Broking profits fall at Saga

Underlying profit before tax in Saga’s insurance broking arm fell to £39.8m for the year ended 31 January 2024, compared with £71.5m in the previous period.

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