Profits drop at Towergate
Broker sees GWP rise but profits fall for the first nine months of the year.
Towergate Insurance has declared a 3% fall in operating earnings for the first nine months of 2013 to £116m from £120m in the same period of 2012.
The news came as the group admitted misallocating £15m of client money between November 2007 and January 2011.
The interim management statement for the year to date to 30 September 2013 also revealed that gross written premium rose 2% to £2.35bn from £2.32bn.
Income was up by the same percentage to £334.8m (Q3 YTD 2012: £327m).
Network woes
The
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