Towergate posts loss of £75.5m for 2011
Towergate has reported a £75.5m loss before tax for 2011, compared to a loss of £14.2m in 2010.
This figure comes despite an increased group income of £430m, up from £415m in 2010.
Gross written premium went up from £2.8bn in 2010 to £3bn last year, while operating earnings fell slightly from £153.6m in 2010 to 152.4m in 2011.
The underwriting division showed improvement, increasing income by 10% from £70m in 2010 to £76.9m in 2011, and operating earnings up by 11% from £32.9m to £36.4m.
The retail division, which includes the retail broking arm of the business, and CCV, increased its
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