23 November 2015 Insurance

Towergate income falls by 10% in Q3

Insurer Towergate has reported a 10.3 percent drop in its income for the third quarter of the year, which it attributed to a period of instability.

The firm posted an income of £87 million for the third quarter of 2015, compared with an income of £97 million for the same period of 2014.

The only sector that saw an increase in income over the two time periods was Towergate’s direct sector, where the firm reported an income of £18.1 million in the third quarter of the year, compared with £17.9 million in the third quarter of last year.

David Ross, chief executive officer, Towergate, said: “Our financial performance has been impacted by a well documented period of instability. However, Towergate has proven to be incredibly resilient, with a significant number of clients retained and signs now that the business is stabilising, giving us a strong base to build on.

“We have seen improving revenue trends in both our broking and direct divisions and a healthy cash balance in excess of £84 million. We expect retention and new business to improve as focus on the front end of the business increases."

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