John Tiner to Join Towergate as Chairman

Towergate is pleased to announce that John Tiner is to join its Board in the role of Chairman*, succeeding current Chairman Alastair Lyons.  This is expected to take place in early June.

Scott Egan, interim Towergate CEO, said: “I am pleased to welcome John Tiner to the Towergate Board and am looking forward to working with him as Chairman, as we continue to build substantial momentum across all our businesses following the recent successful recapitalisation of Towergate. I would like to personally thank Alastair for his leadership and guidance. He has been at the helm of Towergate for four years, has supported our senior leadership community during a difficult period and has been an advocate for the business across the UK insurance industry.” 

Commenting on the appointment, Scot French, partner at Highbridge said: “We are delighted to announce the appointment of John, who has tremendous knowledge and experience in financial services and with the U.K regulatory authorities.  John strongly complements Towergate’s team of talented and experienced leaders. It is testimony to Towergate that we have attracted another senior industry figure to the team, demonstrating Towergate’s ability to secure the very best talent.  I’d like to thank Alastair for his contribution to Towergate and his commitment and focus  guiding the business through its recent recapitalisation.”

John Tiner commenting on his appointment said: “Towergate is a business which is now far better positioned to embrace the significant opportunities that exist in the marketplace. The Group can now do this with renewed confidence in its strategy to lead in specialist insurance and underwriting markets. The recent recapitalisation of the business has reinforced Towergate’s position as a formidable presence in UK insurance, re-emerging more determined than ever in its ambition to be the leading UK insurance broker. I very much look forward to being a part of the Towergate story as it moves into a new chapter.”

Commenting, Alastair Lyons said: “It has been a privilege to chair Towergate, a business which changed the landscape of UK insurance broking. Its market leading positions across a range of niche and specialist markets are invaluable as are its very strong relationships with UK insurers. I feel certain that John will make a great contribution to Towergate as it now develops its ambitions to further capitalise on a unique distribution model, with the backing of supportive long term investors and a stable financial capital structure.”

Towergate is a leading player in the UK SME and personal lines insurance markets, with over 5,000 dedicated and experienced employees, and millions of customers.

John Tiner CBE

John Tiner CBE is an independent non-executive member of the Board of Credit Suisse Group, where he is also Chairman of the Audit Committee and a member of both the Risk Committee and the Chairman’s Governance Committee.

For 25 years up to June 2001, he worked for accountants Arthur Andersen, in 1997 becoming head of their global financial services practice. There he led the team which produced the official report investigating the 1995 collapse of Barings Bank for the Bank of England’s Board of Banking Supervision

In June 2001, he joined the FSA to become managing director of the consumer, investment and insurance directorate. In September 2003, he was appointed Chief Executive of the FSA. In this role, he led the Tiner Review which reformed the regulation of both the life and general insurance industries and initiated and led a programme to improve consumers' understanding of personal finance.

John is Chairman of The Urology Foundation and a Member of The Advisory Boards of the Oxford University Centre for Corporate Reputation and of Corsair Capital

John is married with 3 grown up children. He enjoys sailing, playing golf and supporting Bath Rugby and Leeds United. He and his wife own a micro-brewery in Devon.

* Subject to final shareholder and regulatory approval