Towergate made £26.6m loss in first quarter

Arrow going down

Ebitda also tumbled at the consolidator.

Towergate made a loss of £26.6m in the first quarter of 2014, a worse performance that the £19.5m loss in the same period of 2013.

The consolidator's Ebitda also fell to £24.7m, down from the £33.2m posted last year.

Paymentshield saw a significant drop in adjusted Ebitda down from £12.7m in the first quarter of 2013 to £9m this year.

In the underwriting division the adjusted Ebitda remained stable, at £8.1m, while networks showed a slight improvement, going from £1.4m to £1.8m.

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Applied updates on commercial push

Applied Systems has confirmed Arch Insurance is about to enter the pilot phase of onboarding and will be live on the Applied Epic broker management system in April, with Iprism and Ark to follow and more promised in 2024.

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