Broker rumoured to be selling mortgage division
Towergate has hired investment bank Morgan Stanley to advise it on the sale of its Paymentshield division, according to the Sunday Times.
There have been market rumours over the past six months that Towergate is looking to sell Paymentshield, which provides mortgage payment protection insurance.
The Sunday Times suggested that Paymentshield could be sold for £400m - roughly eight times the division’s 2011 earnings before interest, taxes, depreciation, and amortisation. The paper said the proceeds would be used to pay down debt.
When asked about Morgan Stanley’s appointment, a Towergate spokeswoman said the company would not comment on market speculation.
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.
No comments yet