10 February 2015

Following today’s announcement by Highbridge Principal Strategies that they have engaged David Ross as the prospective CEO of Towergate, Towergate announces that until David starts in post, Scott Egan, the current CFO at Towergate, will take the role of Interim CEO. Alastair Lyons, Chairman of Towergate who has fulfilled this role since Mark Hodges resigned last October, will revert to that of Non-Executive Chairman.

Commenting on these moves Alastair Lyons said: “We are fortunate to have someone of Scott’s capability, experience, and knowledge of Towergate to take the business forward. Towergate is also delighted that Highbridge has secured someone of David’s market standing and track-record to become Group CEO.”

Scott Egan added: “I am looking forward to implementing the plans for which the agreement announced on Friday between our lenders provides a strong stable base to support the completion of the change programme and the further growth of the business.”

Notes to Editors

Launched in 1997, Towergate is the UK’s largest independently owned insurance intermediary, generating more than £3 billion of pro forma gross written premiums across its companies and employing over 5,000 people across more than 100 UK offices.

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.

Towergate operates across five core divisions:

  • Insurance Brokers – Towergate Insurance Brokers distributes specialised personal lines and products, and more general products aimed at SMEs through around 90 broking offices located across the United Kingdom
  • Underwriting – Towergate’s underwriting division is the UK’s largest MGA, providing specialist insurance products for brokers, without taking the ultimate capital risk. The MGA has over £750 million GWP under management
  • Direct – Towergate Direct sells specialist Personal Lines and SME products primarily through telephony and digital distribution channels
  • Paymentshield – Paymentshield is the leading provider of insurance products to mortgage brokers
  • Network – Broker Network represents the largest Network for insurance brokers in the UK. The brand remains the leading proposition in the market in terms of size and breadth of service with 600 Members

Media Queries Internal Contact

Kelly-Ann Knight - Corporate Communications Director

Towergate Insurance Limited

Email: kelly-ann.knight@towergate.co.uk