Towergate's operating earnings dropped nearly 50% in Q1
Interim CEO Scott Egan says consolidator has passed through the eye of the perfect storm.
Towergate's group results for the first three months of 2015 have revealed an 8% decrease in income to £86m, compared to £93m in the same period last year.
Operating earnings at the consolidator tumbled by almost half, down 47% to £12m (Q1 2013: £23m).
The expense ratio for the three months rose by more than 10 points to 85.6% as the operating margin shrank by more than 10 points to 14.4% (Q1 2013: 24.9%).
Divisional figures
The breakdown by division for the headline figures showed that insurance
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