Towergate sees slight GWP improvement as network division takes a hit
Towergate has seen its gross written premium increase 2% on the first quarter of last year to £757m, but blamed changes in partner insurer relationships for a 50% slump in operating earnings within its network division.
The consolidator, which has completed eight acquisitions since the start of the year, boosted its group income 3% to £107.8m (Q1 2012: £104.4m), while its expense ratio increased to 68.6% from 66.9%
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