View more on these topics

Moody’s upgrades Towergate Partnership

Moody’s has upgraded Towergate Partnership following the successful consolidation of Paymentshield into Towergate.

The credit ratings firm upgraded Towergate Partnership to B2 from B3, which Moody’s assigned in May 2009.

The B2 rating incorporates Moody’s expectation of the operating margin remaining consistently above 20 per cent together with some improvement in financial leverage and coverage metrics from the current levels pre-acquisition.

Moody’s lead analyst for Towergate David Masters says: “The upgrade principally reflects the successful consolidation of Paymentshield into Towergate, subsequent to the renegotiation of the group’s banking covenants. Further credit strengths relative to the current B2 rating level include Towergate’s strong market position within the UK insurance intermediary space, together with an excellent position within a number of niche underwriting segments.”


Rally not sustainable says OPM

OPM Fund Management is taking a cautious view of the markets and expects to lock in some profits because it does not think the current market rally is sustainable.

Guaranteeing your honesty

Chief ombudsman Walter Merricks says the financial services industry should be proud to have a service that “guarantees their honesty”.

Guarantees in the retirement income market

Lorna Blyth, Royal London  Do guarantees benefit customers and, if so, when? To answer this conundrum we commissioned Millimans, a global actuarial consulting firm, to conduct an independent review of the UK retirement income market and whether guarantees really do offer customers better value for money. The brief The study was one of the most comprehensive undertaken […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment