Fast Track 100

This insurance firm had much to celebrate on its 10th anniversary this year. It had just made its 138th acquisition, and a shareholder restructuring allowed founders and management to take £100m out of the company when HBOS led a £580m refinancing of the business. The current group was created in 2005 when chairman and co-founder Peter Cullum merged Towergate with another insurance firm he had set up, the Folgate Partnership. Cullum’s strategy remains unchanged – the company has a £200m war chest to spend on buying up specialist brokers and underwriting agencies. Sales have grown 80% a year from £40.7m in 2003 to £237.6m in 2006.

This profile reflects the company at time of publication and does not reflect any changes that may have subsequently occurred. Fast Track and its sponsors do not endorse, guarantee or recommend investment in any of the companies.

Company details
CompanyTowergate Insurance
ActivityInsurance underwriter and broker
Annual sales rise over 3 years79.99%
Latest sales £000s237,587

If applicable:

* supplied by company † annualised figure