Plan to sell stake to private equity firm called off
Peter Cullum has abandoned plans to sell a 25% stake in Towergate to private equity firm Candover, it was reported this week.
The talks, which would have seen Towergate net some £800m, were believed to have collapsed because the two parties disagreed over Towergate’s projected earning.
Cullum, who chairs Towergate, owns 65% of the company. Other senior staff, including chief executive Andy Homer, own 22% between them. Reports linked the stalling of the deal with the credit crunch, which has made private equity funding less readily available.
Towergate declined to comment.
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
