Last week Towergate’s insurance division reported an 18% drop in operating earnings for the first nine months of 2014.
This has led the insurer to look for additional investment but Paymentshield said the process has no effect on its part of the business.
Lee Mooney, product and marketing director at Paymentshield, said: “Over the last two months we have added AXA and Zurich to our panel. This demonstrates the support we continue to receive from our partner firms.”
He also pointed to the record business levels the insurer has experienced in the final quarter of 2014 as a further indicator of its stability.
He said: “In October we had a record month and that continued into November which was even better.
“December has continued in similar fashion and is on track to be a record month.
“Our customer retention rates are the best they have been for seven years and the overall business continues to have a lot of confidence in us.”
The insurer also confirmed that Gary Duggan, CEO of Paymentshield, is leaving the company to become MD of Junction, BLG Group partnerships business.
Alastair Lyons, interim executive chairman of Paymentshield, said: “I would like to thank Gary for his contribution to Towergate.
“During his time with the business, he was instrumental in implementing a successful new strategy for Broker Network.
“Under his leadership of Paymentshield, the division has developed a new strategy, winning new insurers to the Paymentshield panel and driving customer retention rates to its highest level in seven years.”
