Towergate Insurance up for sale
UK Towergate Insurance is for sale and has appointed Evercore and Rothschild as joint advisers to support the evaluation of proposals the group has received.
Alastair Lyons, interim executive chairman of Towergate, said: “Towergate is a unique asset for someone to own in this industry. The approaches we have received underline this and are testament to the group’s strength in its primary markets. Whilst there can be no certainty that these approaches will result in a sale, it is our responsibility as a board to evaluate them thoroughly.”
The group saw income fall by 1 percent in the third quarter of 2014 to £328.5 million, compared with £332.5 million in the third quarter of 2013. Acquisition-led growth in direct (7 percent) and Underwriting (6 percent) was offset by Insurance Brokers (-2 percent) and reduction in Paymentshield (-12 percent).
