Insurance Age

Towergate posts £41m loss

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    • Caitlin Morrison

    • Indicative reading time: 1 minute

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Consolidator saw network's income and operating earnings slashed.

Towergate Insurance made a loss of £41m in 2013, compared with a loss of £6.1m in 2012.

The consolidator posted gross written premium (GWP) of £3.072bn, down 1% on the £3.095bn reported in the previous year, while operating earnings were reduced by 7% to £144.9m (2012: £156.2m).

The group’s income increased by 2% from £434.9m to £443.3m. This was driven by increases in the insurance brokers, direct and underwriting arms of the business.

Insurance brokers’ income went from £189.8m to £200.2m

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