Towergate's Hodges "not against" buying rival network in 2013

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Speaking after the publication of the company’s first quarter results, Mr Hodges acknowledged that the network division had suffered reductions in both operating earnings and income.

He attributed this decline to the fact that “one or two insurers made strategic decisions to exit network partnerships”.

However, he continued to state that Towergate was in the process of replacing those deals with new insurer partners.

He added: “We still believe in the strategic value of that network proposition

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