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International

Towergate Insurance posts $91 million loss

August 28, 2015 Reprints

U.K.-based insurance broker Towergate Insurance Ltd. has reported a £58 million ($91 million) in the first half of 2015, reported Kent Online.

Towergate's income totaled £184 million ($288.6 million) during the period, down 10% year on year. Operating earnings of the broker decreased 40% to £39 million ($61.1 million) in the first half. "Our expense ratio remains high at 79% but this should reduce as the organic income improvement gathers momentum and the business starts to grow back into its cost base," said Towergate interim chief executive Scott Egan.

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Towergate Insurance posts $91 million loss

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