Towergate appoints new non-execs; new shareholder appoints representative

Broker Towergate has appointed to new non-executive directors to its board including one from the US private equity firm that recently invested in the company.

Vahe Dombalagian joins the board as a representative of Chicago-based equity investment firm Madison Dearborn Partners (MDP), now the second biggest shareholder in Towergate, and Clive Bouch as an independent non-executive director.

Dombalagian is the managing director of MDP, and head of financial and transaction services team. He also serves on the board of Ankura Consulting Group, EVO Payments International, Fitness International, and NFP Corp. Prior to this, he has held positions with TPG and Bear Stearns.

Bouch, who will chair the audit committee of Towergate, was previously a partner in Arthur Andersen and Deloitte. He is also serving Invesco UK as audit and risk committee chairman, and is a member of Steamship Mutual Underwriting Association’s audit committee.

“Their appointments are another indication of Towergate’s continuing efforts to strengthen the team overseeing its new strategic direction,” said John Tiner, chairman of Towergate. “We have now appointed five new non-executive directors in 2016, bringing together expertise in digital, strategy, operations and underwriting as part of our turnaround initiative. Towergate possesses an extraordinarily strong market position and we look forward to continuing to execute our strategy with the guidance of our expanded board.”

Dombalagian said: “I am pleased to be joining the Towergate board as the company navigates an exciting next chapter in its history. Towergate is well-positioned to continue seizing on strategic opportunities and leading the way in the UK insurance and broking market, and I look forward to working with my fellow board members to support the company for continued success.”

Bouch said: “I’m delighted to be joining the board and serving as audit committee chair of the UK’s leading independent general insurance distributor. It’s an exciting opportunity and I very much look forward to working with the board and management team.”

“With the recent confirmation of MDP taking a meaningful shareholding position in Towergate, I am delighted to welcome Vahe and his vast experience in financial advisory services and strategy to our board,” Tiner added.

“I am also delighted to welcome Clive to the board. His extensive background in audit and financial advisory services make him an ideal candidate to oversee our financial disclosure and reporting.”