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Towergate losses increase as income falls

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Consolidator confirms takeover "approaches".

Towergate Insurance's losses increased to £112.7m for the first nine months of 2014, a further deterioration on the £19.1m loss posted in the same period last year.

Operating earnings in the year to date tumbled by 14% to £95.9m (9M 2013: £111.8m) while the group's income was down 1% at £328.5m (9M 2013: £332.5m).

In its management statement the consolidator revealed that it was still not achieving organic growth in broking as income fell by 2% in the division.

Paymentshield's income dropped 12%

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