Towergate Insurance

Founded 12 years ago, this company has made more than 160 acquisitions and grown to become Europe’s largest privately-owned insurance intermediary. The onset of the credit crunch has slowed Towergate’s growth rate, but it still made 17 smaller acquisitions last year, helping to increase net commission sales to £308.6m in 2008, from gross premiums of more than £2.1 billion. Led by chairman Peter Cullum, the company took direct control of Towergate Financial Services and Paymentshield in June. It also recently completed the renegotiation of its long-term debt facilities.

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Company details
Year2009
Rank76
CompanyTowergate Insurance
ActivityInsurance underwriter and broker
LocationMaidstone
Sales £m308.6
Operating profit £m42.2
Main shareholdersPeter Cullum (66%), other management (34%)
Staff3,314
Founded1997
Websitewww.towergate.com

If applicable:

* supplied by Company   † annualised figure   ‡  profit = ebitda