Kent insurer Towergate has announced record annual profits of £108.5 million - up 14.9 per cent on the previous year.

The Maidstone-based firm, which employs 250 in the county, announced Towergate Partnership sales for the year ending December 2007 had hit £1.2 billion, an 11 per cent increase up on the previous year.

Andy Homer, group chief executive, said: “Despite an uncertain economic backdrop, and a difficult year for the industry, we have once again delivered another set of excellent results and remain confident that our service-oriented approach means we are well positioned to continue this in the year ahead.”

Peter Cullum, Executive Chairman, said: “The excellent progress we made in the last year is reflected in the quality of our products, distribution and extended geographical reach. Looking to the future, we remain focused on continuing the ambitious growth of Towergate across all our businesses and will continue to supplement strong organic growth with further strategic acquisitions from our existing war chest.”

The firm also announced that Patrick Snowball, London-based deputy chairman and non executive director was stepping down from the board of Towergate Partnership, following delays to the insurer's plans to float on the stock exchange.

He will remain chairman of financial services businessTowergate Financial Services based in London.

Mr Snowball said: “The plan when I joined was to build a financial services business and to help lead Towergate towards and beyond an Initial Public Offering which, due to prevailing market conditions has inevitably been delayed.

"I am delighted to continue as Chairman of Towergate Financial Services which allows me the flexibility to pursue other non Towergate related interests."

Peter Cullum, Executive Chairman, said, “Patrick has done a great job in establishing and developing the TFS business, which is now up and running. I look forward to continuing to work with him on TFS, and entirely understand his reasons for wanting to pursue a broader range of interests.”