Towergate float could bring her £1.5m
Amanda Blanc will keep her shares in Towergate following her departure to AXA, positioning herself for a seven-figure sum if the broker successfully floats in the next few years.
Blanc was not available for comment at the time of going to press, but Insurance Times understands that her shareholding in Towergate has remained unchanged.
According to the latest Towergate annual return filed with Companies House, Blanc held 32,947 ordinary shares in the business as of 18 July 2009 – or a 0.25% share. If the broker were to float for £600m, she would stand to make £1.5m.
Towergate deputy chief executive Blanc shocked the market last week with the announcement of her return to AXA, where she will take up the new role of chief executive of commercial lines.
She will also be in charge of broker Bluefin; this is thought to be a key attraction of the job for Blanc, who has considerable experience in both broking and underwriting.
AXA group chief executive Paul Evans said: “Amanda has an impressive track record and we look forward to the dynamism she will bring to the development of our commercial lines businesses.
“She has a strong mandate to deliver a strategy that transforms our service to brokers, develops the strategic synergies with Bluefin, and thus achieves strong profitable growth.”
In a statement released by AXA, Blanc said: “The unique combination of underwriting and distribution, together with the strength of the AXA brand, offers great and exciting possibilities.”
In a nod to her former employee, she added: “I would like to thank both [Towergate chairman] Peter Cullum and [chief executive] Andy Homer for their superb support for me over the past five years and look forward to working with them in my new capacity.”