Moody’s downgrades Towergate after patchy 2012 financial results
Towergate’s financial results for 2012 have revealed vastly divergent performances among its four main insurance divisions, ranging from a 24% year-on-year drop in earnings in its network arm to a 17% rise in underwriting earnings.
Speaking after his first full year as chief executive of the firm, Mark Hodges said the conclusion of the network’s relationship with Aviva last June, was a “contributory factor” in its falling income
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