Insurance Post

Snowball to step down at Towergate after IPO delay

Former Aviva general insurance boss Patrick Snowball is stepping down as deputy chairman of consolidator Towergate ( Snowball outlines reasons for leaving)

It follows Towergate's failure to raise significant funds through a private equity deal with Candover earlier this year and a subsequent delay in a possible float.

Speaking to Post earlier this year Towergate chairman Peter Cullum admitted that Mr Snowball had been bought in to lead a possible IPO. "I would not do [an IPO]," he told Post, "I would be unemployable, as I would not be able to live with the constraints.

"So if we went public it would be deputy chairman and former Aviva group executive director Patrick Snowball who would take control and we are quite open about that. That is what Patrick is good at, so part of his role, longer term, would be to lead any future IPO. He is well suited and skilled at doing that - and Andy and I are not."

According to the Sunday Telegraph Mr Snowball is now set to seek new opportunities, including possibly taking up the chairmanship of a FTSE 100 company. Mr Snowball told the newspaper:

"The plan when I joined was to build a financial services business and to help Towergate towards and beyond an IPO. Due to prevailing market conditions [that] has been delayed."

It added he will stay on at Towergate as chairman of its fledgling Towergate Financial Services division with Mr Cullum commenting: "I look forward to continuing to work with [Mr Snowball] on Towergate Financial Services and entirely understand his reasons for wanting to pursue a broader range of interests."

See also: Towergate results

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