23 May 2016
Towergate today announces that it has established a separate reporting unit to address legacy challenges as a critical part of its transformation.
The LRU will be headed by Sarah Dalgarno, who will continue her involvement in the group risk function pending the appointment of a Chief Risk Officer.
David Ross CEO commented today:
“We have a clear understanding of the immediate challenges we face and we know that tackling our legacy issues is key to the future success of the business.
This project, separating the distractions of the past from the priorities of the present, is critical to the implementation of our turnaround. I am delighted that Sarah Dalgarno has agreed to step in and lead it until its conclusion. Her specific responsibilities at AJG, where she led a project rationalising legal entities and non-core assets, together with her wide ranging experience in risk and governance, make her the ideal choice for this important priority.”
John Tiner, Non-Executive Chairman added:
“The Board is fully supportive of this initiative to bring a dedicated focus to the resolution of legacy work streams and clarity to our future financial reporting between the performance of the strategic businesses we are investing in and the costs of concluding our legacy issues.”
Launched in 1997 Towergate is the UK’s largest independently owned insurance intermediary. Towergate is an important distribution channel for a significant range of insurance products and a key strategic partner for the UK’s largest insurers.
Towergate’s scale, customer insight and distribution relationships make it a unique business and a leader in the markets in which it operates. Its combination of distribution and underwriting gives it unparalleled consumer data and market insight.