Gable to provide capacity for non-standard products from January 2013
European non-life insurer Gable has entered a five-year agreement to provide capacity to managing general agency Towergate Underwriting.
Under the deal, UK-listed Gable will act as a cover provider for Towergate Underwriting from January 2013. Gable expects the agreement to generate a minimum of £14m gross written premium per year.
The Gable capacity will be provided for a variety of non-standard products which will be available to all of Towergate Underwriting’s broker customers.
Gable chief executive William Dewsall said: “Towergate Underwriting is the largest and most successful MGA in the UK and we are delighted to be working with it.
“This agreement represents about £70m of gross written premium over the next five years and is Gable’s largest commercial agreement to date. We are already working closely with the teams at Towergate to develop a broad range of traditional, bespoke and exclusive products for their UK clients.”
Towergate Underwriting chief executive Clive Nathan added: “Gable is an ideal partner for Towergate Underwriting as we look to continually expand our underwriting reach and to extend our market leadership. Gable has the appetite to support these ambitions and has shown its commitment to building a long-term partnership by signing a five-year agreement. We look forward to working closely with them to deliver relevant, quality products to our broking customers.”
Towergate Underwriting is the MGA division of broking group Towergate.
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