Profits drop at Towergate

Mark Hodges

Towergate Insurance has declared a 3% fall in operating earnings for the first nine months of 2013 to £116m from £120m in the same period of 2012.

The news came as the group admitted misallocating £15m of client money between November 2007 and January 2011.

The interim management statement for the year to date to 30 September 2013 also revealed that gross written premium rose 2% to £2.35bn from £2.32bn.

Income was up by the same percentage to £334.8m (Q3 YTD 2012: £327m).

Network woes

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