Ardonagh Group
| Insurance broker | |
| ISIN | 🆔 |
| Founded 📆 | 1997 |
| Founder 👔 | Peter Cullum |
| Headquarters 🏙️ | 1 Minster Court,London, EC3R 7AA |
Area served 🗺️ | United Kingdom |
Key people | David Ross CEO |
| Members | |
Number of employees | |
| 🌐 Website | www.towergateinsurance.co.uk |
| 📇 Address | |
| 📞 telephone | |
Towergate Insurance (part of Ardonagh Group) is a UK-based insurance broker and risk management advisor, headquartered in London. It employees around 4,000 people across 100 offices in the UK and handles approximately £800 million of insurance premiums each year.[1] Towergate is a group of companies that provide insurance products and specialist personal cover through multiple brands such as Footman James and Towergate Riskline as well as other independent brands.[2]
History[edit]
Towergate was founded in 1997 by Peter Cullum to provide specialist insurance to niche markets.[3]
Acquisitions[edit]
In 2006, Towergate acquired Paymentshield, a supplier of payment protection insurance to the intermediary market.[4]
In 2010, Towergate acquired the mortgage advisers John Charcol[5] and achieves the status of CII Chartered Insurance Broker.[6]
Between 2013 and 2014, Towergate acquired nine further independent insurance providers[7] including Footman James,[8] the classic car insurer and Arista Insurance.[9]
In March 2021, it was announced that Towergate would acquire the corporate retail book from AFL Insurance Brokers.[10]
In April 2021, Towergate announced plans to strength its Welsh footprint through the acquisition of assets from Murton Alexander Insurance Services Ltd.[11]
Takeover[edit]
In 2014, a large scale drop in earnings and mounting debt entered Towergate into a period of uncertainty[12] and in February 2015, the Towergate group was purchased with alternative investment firm Highbridge Principal Strategies becoming the majority shareholder.[13] The deal reduced Towergate's debt by 60 percent[14] and provided an additional £75 million capital.[15]
Management[edit]
David Ross was appointed CEO in February 2015,[16][17] after an £8 million settlement to Ross's previous employers Arthur J. Gallagher & Co.[18]
In May 2017, Towergate CEO David Ross announced the formation of a new insurance broking group,[19] KIRS, consisting of Towergate, Autonet, Chase Templeton, Ryan Direct Group and Price Forbes. The group announced an £800m bond deal to refinance existing debt.[20] In July 2017, the new group rebranded to Ardonagh.[21]
As of June 2021, Towergate today is led by CEO Joe Thelwell and retains its traditional regional broking businesses focusing on advisory face-to-face services distributing primarily SME and commercial advised insurance. In addition, it continues to provide niche and specialist insurance through its divisions including Footman James and Towergate Riskline, which distribute SME and personal insurance.[22]
References[edit]
- ↑ Martin, Ben. "American bid brightens fortunes of tycoon". ISSN 0140-0460. Retrieved 2022-18-10. Check date values in:
|access-date=(help) - ↑ Scott2021-05-10T07:06:00+01:00, Katie. "Ardonagh Advisory plans to purchase personal medical and protection broker". Insurance Times. Retrieved 2021-07-01.
- ↑ Ruel2019-02-04T10:21:00+00:00, Clare. "Towergate teams up with UK tour operator on leisure home insurance proposition". Insurance Times. Retrieved 2021-07-01.
- ↑ admin (2006-11-09). "Towergate acquires Paymentshield". Mortgage Finance Gazette. Retrieved 2021-07-01.
- ↑ "Towergate Buys John Charcol". Mortgatestrategy. Retrieved 7 March 2016.
- ↑ Administrator, System (2007-09-06). "Towergate gains Chartered status". Money Marketing. Retrieved 2021-07-01.
- ↑ Newsdesk2013-01-28T11:18:00+00:00. "Towergate makes first three acquisitions of 2013". Insurance Times. Retrieved 2021-07-01.
- ↑ "Towergate confirms Footman James purchase". InsuranceAge. Retrieved 7 March 2016.
- ↑ "Towergate Acquires Arista". Intelligent Insurer. 25 April 2014. Retrieved 24 March 2016.
- ↑ "Towergate Buys AFL Retail Team, Following a Separate AFL Team Move Last Week". Insurance Journal. 2021-03-25. Retrieved 2021-07-01.
- ↑ Wallace, Mia. "Towergate strengthens Welsh footprint with latest acquisition". www.insurancebusinessmag.com. Retrieved 2021-07-01.
- ↑ Newsdesk2015-02-02T08:15:00+00:00. "Towergate profit drops 24% in 2014". Insurance Times. Retrieved 2021-07-01.
- ↑ Devine, Anna (2015-02-09). "Highbridge-led group commits £300m to Towergate". Private Debt Investor. Retrieved 2021-07-01.
- ↑ Devine, Anna (2015-02-09). "Highbridge-led group commits £300m to Towergate". Private Debt Investor. Retrieved 2021-07-01.
- ↑ "Towergate Enters Takeover Deal". Reuters. Retrieved 29 February 2016.
- ↑ "Towergate confirms David Ross as CEO". Towergate. Retrieved 28 February 2016.
- ↑ "Towergate lines up David Ross as new CEO". Financial Times. Retrieved 7 March 2016.
- ↑ "Towergate Pays Out To Gallagher For CEO". Standard. Retrieved 7 March 2016.
- ↑ Jessop, Simon (9 May 2017). "Towergate's owners to create new UK insurance broking group". Reuters. Retrieved 19 July 2017.
- ↑ Smith, Robert (6 June 2017). "Junk bond buyers win concessions from insurance broker KIRS". Financial Times. Retrieved 19 July 2017.
- ↑ Axling, Ida (14 July 2017). "Towergate holding group rebrands as Ardonagh Group". Insurance Age. Retrieved 19 July 2017.
- ↑ Wallace, Mia. "Towergate's CEO on the opportunities for the brokerage". www.insurancebusinessmag.com. Retrieved 2021-07-01.
External links[edit]
- http://www.towergateinsurance.co.uk - Official website
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