Profits at Towergate fell in 2015 thanks to hefty financial restructuring costs but the companys chairman said the company was much more stable now.
The companys profits were down to £352.1 million, compared to £376.7 million in 2014 a decrease of 6.4 percent.
The insurer said that this £24 million revenue decline was partly due to an ineffective transition of clients to its SME business in Manchester, formerly SBU (£9 million), run-off from Paymentshields back-book (£5 million) and the impact of the financial restructuring on its underwriting businesses (£5 million).
The decline was also affected by a 300 percent increase in the groups financial restructuring costs, up to £41.2 million last year, compared to £10.3 million in…
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