Ardonagh Group
Market Moves – 3 September 2015
All the latest recruitment news from the world of insurance.
Blog: It is way too early to declare Gallagher or Towergate the £20m winner
It is perhaps an indication of the ‘now-now’ world we live in that so many people were happy to crown either Towergate or Arthur J Gallagher the ‘winner’ last week following the £20m settlement.
Towergate breaking news
Keep up to date with breaking news on Towergate.
Towergate on to next challenge after conclusion of 'unsavoury' Gallagher dispute
Arthur J Gallagher and Towergate have been accused of “airing their dirty laundry in public” following the conclusion of a legal battle from which market insiders remain at odds as to who will have emerged more satisfied.
Ross to join Towergate in November as Gallagher dispute settled for £20m
The legal dispute between Arthur J Gallagher and former employees David Ross and Mark Mugge and independent consultant Christopher Keey has been resolved with Towergate and shareholder Highbridge to pay £20m in settlements.
Towergate reports £58m first half loss
Towergate's operating earnings decreased by 40% to £39m (H1 2014: £65m) for the six months ended 30 June 2015 alongside a 10% drop in revenues to £184m for the period.
Towergate bolsters London broking teams with triple hire
Towergate has appointed former Willis development director Richard Morgan to the role of sales and service director for its newly established City branch.
Maciver ‘coaxed off golf course' to join Cullum at GRP
Towergate Partnership founding shareholder Kenny Maciver has joined Peter Cullum-backed Global Risk Partners to work on mergers and acquisitions.
Towergate Insurance
Rank: 8
Towergate and Hiscox capitalise on growing schemes market
The number of commercial lines affinity schemes is increasing, particularly among professional associations, as brokers and underwriters strive for growth and profitability in a tough market.
Towergate shifts London market division to broking arm
Towergate London Market has moved from the consolidator's underwriting arm to the Towergate Insurance Brokers division alongside the formation of a new London region.
Young driver IPT exemption unlikely despite positive government talks
Hopes of securing an exemption from the insurance premium tax hike for young drivers are dwindling, despite “constructive” talks between industry figures and the Department for Transport last week.
Towergate Underwriting welcomes LV Broker to home syndicate
LV Broker has joined Towergate Underwriting’s home syndicate alongside Allianz, in an agreement that will run for an initial term of five years and is expected to be worth more than £110 in gross written premium.
Career File - Scott Egan: Scott Egan leaves Towergate for RSA
Towergate interim CEO Scott Egan is to join RSA as group chief financial officer and executive director with an annual salary of £525,000.
Towergate confirms closure of financial risks underwriting unit
Towergate has confirmed the closure of its underwriting division's financial risks unit which mainly managed professional indemnity business.
Direct Insurance looks to Towergate for London market hire
Direct Insurance London Market has hired former Towergate broker Matthew Pini as a senior broker.
Ross terminates contract after claiming trust breach by Gallagher
Incoming Towergate CEO David Ross has claimed Arthur J Gallagher breached its duty of trust and confidence, which has led to him terminating his employment with the company.
Mediator appointed to oversee Gallagher and Ross dispute
A mediator has been appointed to intervene in the dispute between Arthur J Gallagher and its former international CEO David Ross, former chief financial officer Mark Mugge and consultant Christopher Keey.
Mugge appointed Towergate CFO
Towergate chief operating officer Mark Mugge has been appointed group chief financial officer at the company.
Egan to exit Towergate for RSA CFO role
Towergate interim CEO Scott Egan is to join RSA as group chief financial officer and executive director with an annual salary of £525,000.
Ex-Esure and L&G boss Peter Graham returns with Barbon role
Former Esure and Legal & General insurance boss Peter Graham is poised to return to the UK market as non-executive chairman of Barbon Group, Post can reveal.
Hyperion looks to Towergate for CFO hire
Towergate interim chief financial officer Oliver Corbett is to succeed Eric Fady as Hyperion Insurance Group's CFO.
Broker talent: painful breakups
As recent court cases have shown, leaving a company to join a competitor can be a less than straightforward affair.
Arista acquisition cost Towergate £16.7m
Towergate paid £16.7m to acquire managing general agency Arista in 2014, the firm has said in a bondholders report published today (26 June).