Since its launch in 1997, Peter Cullum has led the growth of insurance underwriter and broker Towergate with more than 100 acquisitions, and he remains a big shareholder. The group’s activities extend to more than £2 billion in gross premiums annually, making it Europe’s largest independently owned insurance intermediary. Advent acquired a minority stake for £200m in February. At the same time Towergate refinanced through a £520m bond issue and £410m of new bank debt. In connection with the deal, the company appointed Alastair Lyons as non-executive chairman, with Cullum assuming the role of non-executive deputy chairman. Sales rose to £359.6m in 2010.
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