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.

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
Sales £m308.6
Operating profit £m42.2
Main shareholdersPeter Cullum (66%), other management (34%)

If applicable:

* supplied by Company   † annualised figure   ‡  profit = ebitda