Ardonagh Group
David Ross lined up for Towergate CEO role
Arthur J Gallagher International CEO David Ross is set to leave the company and take over at Towergate.
Towergate's Lyons hails creditor deal as ‘vote of confidence’ in the broker
Alastair Lyons, Towergate interim CEO, has hailed the deal reached with secured and unsecured creditors as “a vote of confidence” in Towergate and its future strategic plans.
Towergate confirms unsecured bondholders to purchase majority share
Towergate has confirmed that it has reached an agreement to be acquired by its senior unsecured creditors.
Towergate approves creditor takeover
Towergate has formally agreed a deal with its bondholders that will see the company taken over by its unsecured creditors, according to a Reuters report.
Unsecured creditors swoop for Towergate
Towergate's creditors appear to have struck a deal with its unsecured creditors to sell 80% of the broker's equity for £300m, according to a report.
Editor's comment: Applications welcomed
“Born again broker seeks new CEO to restore business with falling Ebitda and declining income to its former glory days. Experience of broking market preferable along with proven track record.”
Audio: Lyons on rival Towergate bids
Towergate interim CEO Alastair Lyons discusses the firm's various former suitors and why the debt-for-equity swap deal with senior creditors was its preferred bid.
Towergate tipped for future sale despite debt-for-equity deal
There is “no question” Towergate will be up for sale once again in the coming years, according to market insiders, who believe the swift appointment of a CEO is paramount following this week’s debt-for-equity deal.
Other offers undervalued Towergate, claims interim boss
Rival bids for Towergate were lodged but all undervalued the business, the company's interim CEO Alastair Lyons has said.
Towergate Financial facing £85m mis-selling bill
Towergate expects to pay up to £85m in redress costs for the mis-selling of two financial products to the end of 2012.
Towergate's EBITDA down 24% in 2014
Earnings before interest, tax, depreciation and amortisation at Towergate fell 24% last year to £110m from £145m in 2013.
Towergate agrees restructuring as senior creditors take control
Towergate has agreed a new capital structure which will see existing shareholders wiped out.
Towergate sale enters final furlong as Cullum and Homer fall behind frontrunners
Peter Cullum and Andy Homer's hopes of reacquiring Towergate look set to be dashed as the broker seeks to bring an end to a lengthy sale process.
Paymentshield hires Rob Evans as CFO
Paymentshield has hired Rob Evans as its chief financial officer and tasked with working with the management team to delivering a business strategy for the company.
Towergate confirms £1 creditor bid
Towergate has confirmed receipt of a bid from debtholders to buy the embattled broker for its total debts and interest, plus £1.
C-Suite - MGA: 2015: Back to reality
A new phase of uncertainty kicks off 2015 with more woes in the Eurozone and a looming general election
Towergate to shift Hexham roles to Newcastle after office closure
Towergate is to close its Hexham operation at the end of the month with the office's eight staff being offered roles at the company's Newcastle premises.
Absolute hires ex-Axa COO Carruthers as non-exec chairman
Former Axa commercial lines and personal intermediary chief operating officer Max Carruthers has joined the board of private investigation firm Absolute Partnership as non-executive chairman.
Rural launches Darlington office with six Towergate recruits
Rural Insurance has opened a new Darlington office led by six underwriters from Towergate-owned BIB.
US private equity firm among parties gearing up for Towergate bid
New York-based private equity firm Apollo is planning a bid for Towergate after purchasing some of the beleaguered brokers senior loans.
Penny Black: The Ghost of Christmases Past 2006 - 2013
Lady-about-town Penny Black has been publishing her insurance industry gossip and insider news and views in three centuries - so she's seen a fair few insurance Christmases, some bawdier than others, and all of them fuelled by the finest G&Ts the…
Delays with insurer deals hits Towergate's figures as acquisition discussions continue
Towergate has revealed its income fell by 4% in final two months of the year compared with the equivalent period in 2013, with income from acquisitions partly offsetting the decline in organic income.
Towergate completes sale of Hayward Aviation to JLT
Towergate Insurance has completed the the sale of Hayward Aviation to Jardine Lloyd Thompson for a net cash consideration of approximately £23m.
Broker Network extends Allianz partnership deal by three years
Allianz has renewed its strategic partnership with Broker Network for an additional three years.