"Refinancing of Towergate reinforces the fundamental strength of the insurance sector"
Andrew Doman, Chief Executive of Premium Credit welcomes news of broker group's recapitalisation
Epsom, February 2015 – Andrew Doman, Chief Executive of leading premium finance provider, Premium Credit, believes the refinancing of insurance broker group, Towergate, sends an important message about the long term stability and resilience of the UK insurance sector.
"The fundamental fact is that Towergate has a very strong underlying customer franchise and has a significant and positive role to play in the sector", said Andrew Doman.
"Undoubtedly the proposed refinancing that has been secured gives the broker group important stability for its employees and its clients - and will build client confidence in the wider insurance industry. Premium Credit looks forward to continuing to support the business, with whom it has worked for more than a decade, with premium funding solutions that help Towergate's clients spread the cost of their insurances."
"We believe Towergate will continue to play an important role in the UK insurance sector. Towergate will be an even stronger partner for us now. It is a great business with some of the best people and is now fighting fit. We look forward to deepening our relationship with them"
Premium Credit has worked with the Towergate Group since 2002 and supports a number of the Group's different insurance offerings with premium finance solutions.
About Premium Credit Limited
Currently the No.1 Premium Finance Company in the UK and Ireland, Premium Credit Limited has 2 million customers and achieved advances of £3.7 billion in 2013, processing 25 million Direct Debits. We work with 4,000 intermediaries across our chosen markets. We have 2 offices in Epsom and Dublin employing more than 300 staff.