Towergate Insurance

Towergate Insurance (part of Ardonagh Group) is a UK-based insurance broker and risk management advisor, headquartered in London. It employees around 4,000 people across 100 offices in the UK and handles approximately £800 million of insurance premiums each year. Towergate is a group of companies that provide insurance products and specialist personal cover through multiple brands such as Footman James and Towergate Riskline as well as other independent brands.
History
Towergate was founded in 1997 by Peter Cullum to provide specialist insurance to niche markets.
Acquisitions
In 2006, Towergate acquired Paymentshield, a supplier of payment protection insurance to the intermediary market.
In 2010, Towergate acquired the mortgage advisers John Charcol and achieves the status of CII Chartered Insurance Broker.
Between 2013 and 2014, Towergate acquired nine further independent insurance providers including Footman James, the classic car insurer and Arista Insurance.
In March 2021, it was announced that Towergate would acquire the corporate retail book from AFL Insurance Brokers.
In April 2021, Towergate announced plans to strength its Welsh footprint through the acquisition of assets from Murton Alexander Insurance Services Ltd.
Takeover
In 2014, a large scale drop in earnings and mounting debt entered Towergate into a period of uncertainty and in February 2015, the Towergate group was purchased with alternative investment firm Highbridge Principal Strategies becoming the majority shareholder. The deal reduced Towergate's debt by 60 percent and provided an additional £75 million capital.
Management
David Ross was appointed CEO in February 2015, after an £8 million settlement to Ross's previous employers Arthur J. Gallagher & Co.
In May 2017, Towergate CEO David Ross announced the formation of a new insurance broking group, KIRS, consisting of Towergate, Autonet, Chase Templeton, Ryan Direct Group and Price Forbes. The group announced an £800m bond deal to refinance existing debt. In July 2017, the new group rebranded to Ardonagh.
As of June 2021, Towergate today is led by CEO Joe Thelwell and retains its traditional regional broking businesses focusing on advisory face-to-face services distributing primarily SME and commercial advised insurance. In addition, it continues to provide niche and specialist insurance through its divisions including Footman James and Towergate Riskline, which distribute SME and personal insurance.

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