Profiles
10. THE TOWERGATE PARTNERSHIP
TOWERGATE HOUSE
2 COUNTY GATE
STACEYS STREET
MAIDSTONE
KENT ME14 1ST
TEL: 01622 754 754
FAX: 01622 754 999
WEBSITE: WWW.TOWERGATE.CO.UK + WWW.TOWERGATE.CO.UK
FEE AND COMMISSION INCOME (2004): £119.67m
PRE-TAX PROFIT: £37.94m
NUMBER OF UK EMPLOYEES: 2,560
CHIEF OFFICER: PETER CULLUM, EXECUTIVE CHAIRMAN
HISTORY
Towergate was created by its founders to carry out a strategy of acquiring specialist underwriting agencies in the UK.
In the six years since its launch Towergate has acquired 41 companies and portfolios and now writes £205m gross written premium and has become the leading underwriting agency group for specialist products in the UK.
Its products range is firmly focused on the provision of specialist insurance to customers in niche groups.
The group provides in excess of 50 products to insurance brokers and intermediaries and, in many cases, is the dominant player in the field.
MAJOR SHAREHOLDERS
Peter Cullum, Paul Dyer, Tony Proverbs, Andy Homer and Kenny Maciver.
MAIN LINES OF BUSINESS
General insurance underwriting and regional broking.
BIOGRAPHY
Peter Cullum started his career with Commercial Union and Royal before moving to Excess Insurance as marketing director. Cullum has held senior management positions in marketing after obtaining his MSc in risk management from City University Business School in 1975.
He led the management buyout of Economic from its parent Hafnia for £6.5m.
In 1996, Economic was sold by its management to Hiscox. In 1997, Towergate Underwriting Group was created.
Cullum is a Fellow of the Institute of Insurance and an associate member of the Chartered Institute of Marketing. He has contributed to numerous management conferences and written many articles for the technical press.
