Towergate losses peak at almost £16m in Q1
Towergate Holdings has reported a loss on ordinary activities after tax of £15.8m for the first quarter of 2012.
This is compared with a loss of £14.4m for the equivalent period of 2011.
Towergate Insurance reported group operating earnings of £34.3m for the first three months of 2012, a 9% improvement on the £31.4m reported for the same period of 2011.
Group income increased by 2%, from £103.3m for the first quarter of 2011 to £105.5m for Q1 2012.
The company’s underwriting division showed a 12% increase in income over the quarter, from £17.5m to £19.6m, and a 31% increase in operating earnings from £6.1m
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