Towergate Insurance

Ardonagh Group is a UK-based insurance broker, headquartered in London. It has approximately 5,000 employees based in over 100 offices across the UK[1] and handles around £3bn of insurance premiums each year.[2]

Ardonagh Group
TypeInsurance broker
Founded1997 (1997)
FounderPeter Cullum
Headquarters1 Minster Court,London, EC3R 7AA
Area served
United Kingdom
Key people
David Ross CEO
Websitewww.towergateinsurance.co.uk

History

Towergate was launched in 1997 by Peter Cullum as a provider of specialist insurance to niche markets. The Folgate Partnership was founded in 2002 and Towergate Underwriting and Folgate Partnership merged as Towergate Partnership.

In 2006, Towergate restructured itself into distinct underwriting and retail broking divisions as Towergate Underwriting and Towergate Insurance and in the same year, acquired Paymentshield, a supplier of payment protection insurance to the intermediary market.

In 2010, Towergate acquired the mortgage advisers John Charcol[3] and achieves the status of CII Chartered Insurer.

Across 2013 and 2014, Towergate acquired nine other independent insurance providers including Footman James,[4] classic car insurer and Arista Insurance.[5]

In 2014, a large scale drop in earnings and mounting debt entered Towergate into a period of uncertainty. In February 2015, the Towergate group was purchased with majority ownership passing to Highbridge. A significant deal was signed which wiped out more than 60% of its £1 billion debts and saw £75 million of new capital being provided.[6] Also in 2015 Towergate confirmed completion of the sale of Towergate Financial, including John Charcol to Palatine Private Equity in a combined deal worth £8.64m.

David Ross was appointed CEO in February 2015,[7][8] after an £8 million settlement to Ross's previous employers Arthur J. Gallagher & Co..[9]

In May 2017, Towergate CEO David Ross announced the formation of a new insurance broking group,[10] KIRS, consisting of Towergate, Autonet, Chase Templeton, Ryan Direct Group and Price Forbes. The group announced an £800m bond deal to refinance existing debt.[11] In July 2017, the new group rebranded to Ardonagh.[12]

In 2019, Ardonagh group and Gallaghers entered into a legal dispute regarding poaching of employees. Gallaghers lost the case and was told to apologise over certain remarks.[13]


References
  1. "Insurance firm aiming to attract top talent for new contact centre". Manchester Evening News/. Retrieved 7 March 2016.
  2. "Towergate Annual Report" (PDF). Towergate. Retrieved 28 February 2016.
  3. "Towergate Buys John Charcol". Mortgatestrategy. Retrieved 7 March 2016.
  4. "Towergate confirms Footman James purchase". InsuranceAge. Retrieved 7 March 2016.
  5. "Towergate Acquires Arista". Intelligent Insurer. 25 April 2014. Retrieved 24 March 2016.
  6. "Towergate Enters Takeover Deal". Reuters. Retrieved 29 February 2016.
  7. "Towergate confirms David Ross as CEO". Towergate. Retrieved 28 February 2016.
  8. "Towergate lines up David Ross as new CEO". Financial Times. Retrieved 7 March 2016.
  9. "Towergate Pays Out To Gallagher For CEO". Standard. Retrieved 7 March 2016.
  10. Jessop, Simon (9 May 2017). "Towergate's owners to create new UK insurance broking group". Reuters. Retrieved 19 July 2017.
  11. Smith, Robert (6 June 2017). "Junk bond buyers win concessions from insurance broker KIRS". Financial Times. Retrieved 19 July 2017.
  12. Axling, Ida (14 July 2017). "Towergate holding group rebrands as Ardonagh Group". Insurance Age. Retrieved 19 July 2017.
  13. Burton, Lucy (28 October 2019). "Rugby Sponsor Gallagher told to publicly apologise after race row". Telegraph. Retrieved 28 October 2019.
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