Towergate founder and chairman says award is "flattering"

Towergate executive chairman Peter Cullum said he is "very honoured" after being awarded a CBE in the New Year's Honours List.

Cullum was included on the list last week in honour of his services to business and charity.

“I am very honoured and it is flattering although I regard this accolade as testimony to the talented and dedicated people we have within the Towergate family, and the brilliant things they do every day for the business and our partner charities – they really personify our heart & soul," he said.

"When people ask me why we do so much for good causes, I say it is because we can, it’s simply the right thing to do, and it is part of our corporate DNA.”

Read our subscriber exclusive: CULLUM'S CBE: THE MARKET VIEW

Cullum donated £10m to the CASS Business School in 2008 following the creation of the Peter Cullum School of Entrepreneurship.

Towergate Insurance and Towergate Charitable Foundation has raised over £4m since for worthy causes

Towergate group chief executive Andy Homer added: "Peter’s colleagues at Towergate are delighted to learn of his award.

"He has long been deserving of recognition for his own innovation, which has helped reshape the insurance sector. At the same time, Peter has given so much back to the community both through Towergate’s charitable culture and via his own private charitable trust to which he has donated in excess of £20m.”

Biography: Peter Cullum CBE, PhD, MBA, FCII, MCIM

Cullum began his insurance career in 1969 with the Royal Insurance Group and progressed to sales and marketing positions within Commercial Union and ITT London and Edinburgh where he became marketing director in 1988.

In 1991, Cullum joined Economic Insurance and led their return to profitability in 1993. In December 1993, he led the management buyout of the Economic that was sold in 1996 to Hiscox.

He joined Hiscox as group marketing director, a role he held until he left in 1997 to create Towergate Underwriting Group.

In 2005, he won the Ernst & Young Entrepreneur of the Year award.

Cullum is now Towergate's executive chairman.