Insurance Age

Towergate's future far from resolved, say industry figures

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    • Larry Ferguson

    • Indicative reading time: 2 minutes

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Some think a sell off of parts of the business is likely.

Towergate has been given a new lease of life after its secured creditors took over the business although many questions still remain according to industry figures.

What the consolidator's strategy will be and whether there will be a programme of selling off parts of the business are some of the uncertainties they've drawn attention to.

Towergate's secured creditors have converted their £715m debt into £375m of new senior secured notes, £150m of subordinated PIK (payment in kind) notes and a 100%

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