Towergate losses accelerate to £21.3m


The company paid £43.3m in interest in the six months to the end of June 2011 (H1 2010: £43.7m) while group turnover fell to £189.5m from £191m in the comparable period the year before.

The consolidator's broking division saw turnover fall 2.4% to £104.5m (H1 2010: £107m) while the underwriting division had an increased turnover of £37.9m, up from £34.3m in the first half of 2010.

EBITDA for the two divisions also diverged with retail broking falling 13% to £31.3m whereas underwriting grew 6.3%

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected].

You are currently unable to copy this content. Please contact [email protected] to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

If you already have an account, please sign in here.

To continue reading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: