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Open hit the Peaks
The Open Gl Three Peaks team preparing for the Three Peaks Challenge in June (the ascent of Ben Nevis, Scafell Pike, and Snowdon within 24 hours) in aid of Cancer Research UK. Pictured from left to right are Julian Slaughter, Ian Walling, Benjamin Webb, Phil Rodgers, Paul Davies, Sarah Hammond, Colin Reader, Darren Mansell, Mike Peters and Will Duckworth.
Towergate renegotiates banking agreements
Towergate reports the successful renegotiation of the terms of its longterm banking facilities via lead bank Lloyds TSB. Executive chairman Peter Cullum says, "Our renewed banking arrangements provide further financial stability and ensures we are well placed to continue our strategy of organic growth and value adding acquisitions."
The amended facility agreements aim to provide the business with long-term committed facilities to support the next phase of development. Towergate continues to have access to undrawn funds in an acquisition facility which it says will enable it to pursue attractive acquisition opportunities to complement its organic growth plans.
Towergate Partnership reports continued growth in 2008 following strong new business sales. Commission and fee income rose by over 1 3% to ?320m (?279m in 2007) significantly driven by an increase in retail broking income of over 20% compared with 2007. Performance in 2009 features record first quarter new business sales in the broking and underwriting divisions following the decision to invest across sales channels resulting in over 80 new account executives and underwriting sales staff with an increase in e-trading.
Peter Cullum: "Despite the continued economic downturn and consumer uncertainty, the outlook for the remainder of 2009 remains positive despite an extremely challenging market for insurance brokers and their customers. The group is well positioned across its spread of specialist markets and continues to adapt to the challenges posed by the market downturn."
Deacon 20th anniversary
Bournemouth-based insurance specialist Deacon celebrates its 20th anniversary this year. Head of business Penny Jepson highlights dedicated account management and an in-house claims department as factors in the success. "Our clients can see that we have stood the test of time and that we are continually expanding the business and adapting our product range to keep ahead of the market. That's important at any time, but it's particularly crucial in the current economic climate."