Towergate sees first quarter profits fall

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The consolidator did however report an increase in gross written premium to £757m for the period (Q1 2012: £743m) as group income rose 3% to £107.8m.

By division, the broking giant revealed a 6% rise in operating earnings in retail to £15.2m as underwriting also rose by 4% to £9m.

However, the woes of the network division continued with a massive 50% fall in operating earnings to £1.3m and a near one-third decrease in income to £3m (Q1 2012: £4.5m).

Paymentshield also saw income drop, in this

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