Results news: 'Admirable' performance as Towergate rates stay put
Towergate executive chairman, Peter Cullum, has claimed that the company has refused to follow the market's "kamikaze" approach to rates.
The statement came as Towergate unveiled a £28m loss for 2009 (2008: £18.8m loss) on gross written premium of £1.86bn (2008: £1.8bn) after suffering a downturn in investment income.
EBITDA costs rose from £112m to £118m on a statutory basis, and £140.9m (2008: £149m) on a pro-forma basis if Paymentshield, which it integrated in June 2009, had been 'owned' for the full year.
In a statement, Mr Cullum said that Towergate's retail broking division performed "admirably" while its underwriting
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