Towergate posts £41m loss
Consolidator saw network's income and operating earnings slashed.
Towergate Insurance made a loss of £41m in 2013, compared with a loss of £6.1m in 2012.
The consolidator posted gross written premium (GWP) of £3.072bn, down 1% on the £3.095bn reported in the previous year, while operating earnings were reduced by 7% to £144.9m (2012: £156.2m).
The group’s income increased by 2% from £434.9m to £443.3m. This was driven by increases in the insurance brokers, direct and underwriting arms of the business.
Insurance brokers’ income went from £189.8m to £200.2m
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