Towergate Insurance

Towergate was established in 1997 by Peter Cullum with the aim of providing specialist insurance solutions to niche markets. The firm has since expanded its operations through a series of acquisitions over the years. Currently, Towergate Insurance Brokers operates as a specialist insurance broker and forms part of Ardonagh Advisory Holdings Ltd, which is recognised as one of the UK's largest independent brokerage firms. The company maintains its headquarters at 2 Minster Court, London.

The firm's growth strategy has involved numerous strategic acquisitions. In 2006, Towergate acquired Paymentshield, a supplier of payment protection insurance to the intermediary market. This was followed by the acquisition of John Charcol, a mortgage advisory firm, which allowed Towergate to achieve CII status. Between 2013 and 2014, the company further expanded its portfolio by acquiring an additional nine independent insurance providers, including specialist car insurers Footman James and Arista Insurance.

In 2014, Towergate experienced a period of financial uncertainty due to a significant drop in earnings and increasing debt. In February 2015, the firm was acquired, with alternative investment firm Highbridge Principal Strategies becoming the majority shareholder. This transaction resulted in a 60% reduction in Towergate's debt and provided an additional £75 million in capital. Towergate offers a comprehensive range of personal and business insurance products, encompassing more than 200 general and specialist policies.

These offerings are categorised into six primary specialisms: Home & property, Lifestyle, Commercial property, Business, Care & medical, and Motor. The Home & property specialism provides coverage for residential homes and other properties, while the Lifestyle category includes insurance for caravans, boats, and other leisure-related needs. The Business specialism comprises SME and trade products, and the Care & medical category consists of health-related coverages. Motor insurance products are tailored for both personal and commercial vehicles.

The company operates with a business model referred to as the "value triangle," which emphasises a three-way partnership between the company, its insurers, and its customers. This model is built on creating innovative products, delivering customer service, and fostering trusted relationships with brokers. As of March 2022, Richard Tuplin serves as the Chief Executive Officer of Towergate, having succeeded Joe Thelwell in the role. Mr.

Tuplin joined Towergate from Ethos Broking, a component of the Ardonagh Advisory platform, where he held leadership positions including chief development officer and managing director. His professional background also includes 18 years in independent broking, during which he served as managing director of Jelf Insurance Partnership and regional director of Jelf Insurance Brokers. The firm employs a workforce of 2,800 individuals across 70 offices within the United Kingdom. While not exclusively focused on Purpose-Built Student Accommodation (PBSA), Towergate possesses relevant experience within the property insurance sector through its Commercial property specialism.

This area is specifically designed to cater to landlords and businesses with premises. The company provides landlords insurance, which is a specialist policy intended to protect property owners from financial losses associated with rental properties, covering the building and any landlord-owned contents. Furthermore, Towergate offers insurance for property managers and agents, acknowledging the complexities of managing various property types, contractors, tenants, and landlords. This includes coverage for professional indemnity, public liability, employers' liability, legal expenses, loss of documents, and directors' and officers' liability, which are pertinent to the management of diverse property portfolios, including student accommodation.

Word count: 504 words.