Towergate Ebitda drops 24% for 2014
Broking division posts 32% fall in Ebitda results.
Towergate has revealed a drop in Ebitda and income for 2014 as it confirmed a deal for senior secured creditors to buy the business.
The consolidator's income was down 4% at £426m (2013: £443m) as Ebitda dropped 24% to £110m (2013: £145m).
The business had warned in December that income would be down as a number of trading deals with insurers were not being completed due to "uncertainties affecting the group" as it was up for sale.
Broking
By division the results for 2014 revealed that for
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
Allianz and Aviva take top slots in Brokerbility’s insurer partner satisfaction survey
Allianz has been voted in first place by Brokerbility members in its latest poll on service satisfaction from key insurer partners as Aviva topped the rankings in the underwriting category.
Howden to remain private but IPO not ruled out in future
Howden is “very happy” being private at the moment but could be listed at some point in the future, according to CEO and founder David Howden.
Jensten buys Chris Knott Insurance Consultants to bolster South East presence
Jensten has bought Chris Knott Insurance Consultants adding 19 staff and an office in Hastings to the group.
Interview: Sabre CEO Geoff Carter
Sabre boss Geoff Carter tells Insurance Age about the upsides for brokers from its IHP rollout, growing in motorbikes after the collapse of MCE and profitable expansion plans in taxi.
FCA cancels Northern Ireland broker’s regulatory permission
The Financial Conduct Authority cancelled Down Insurances’ Part 4A permission on 7 June, confirming it “no longer has permission to carry on any regulated activity”.
Biba and Griffiths & Armour renew PI scheme
The British Insurance Brokers’ Association has renewed its professional indemnity accredited broker agreement with Griffiths & Armour for a further three years.
Blog: Is tech really the solution for underinsurance?
As we move into an even more digital world, with some insurance quotes and policies being completed strictly online, which would better help address underinsurance: re-introducing human contact or using even more new tech? Rosie Simms weighs up the arguments.
Brokers eyeing up expansion in non-standard
More than three quarters (79%) of brokers had an increase in non-standard insurance enquiries over the past year with an identical amount expecting continued growth in the year ahead, according to a survey by Prestige Underwriting.
Most read
- Aviva’s Blanc: UK insurance industry needs to start planning for a post-Flood Re world
- Home insurance prices surge a record 41.6% in a year
- FCA cancels Northern Ireland broker’s regulatory permission