27 March 2015

Towergate is pleased to announce that it has taken another step forward in the group’s restructuring following the sanctioning of the Schemes of Arrangement by the High Court today, with completion anticipated in early April.

As previously stated, there are still a number of legal mechanics to work through before the restructuring becomes effective. This will not affect any of the operating subsidiaries of the Group, all of which will continue to trade in the ordinary course. Towergate will continue to update the market accordingly.


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

Investor Relations Contacts

Lois Hutchings - Group FP&A and Investor Relations Analyst

Towergate Insurance Limited

Email: Investor.Relations@towergate.co.uk