Insurance Brokers and Direct created as part of retail unit split

Towergate is changing the structure of its retail division. It is separating its retail unit into Towergate Insurance Brokers and Towergate Direct.

The Insurance Broking segment will include Towergate Risk Solutions, Cullum Capital Ventures, Towergate Financial and Hayward Aviation. Towergate Direct will target consumer SME and specialist personal lines business.

The Towergate Direct unit will be headed by a new chief executive who is yet to be appointed and Micheal Rea will head up the new Insurance Brokers unit.

Towergate group chief executive Mark Hodges said: “I am confident that reshaping our Retail Division will further improve our service to customers, bring more management focus to our different customer segments, help us achieve sustainable top-line growth and support the delivery of our strategy.”