Towergate secures five-year Allianz capacity deal

Allianz will be Towergate Commercial Underwriting’s main capacity provider for the next five years and will increase its share in the managing general agent (MGA) from 40% to 70%.

The insurer will be joined by Brit Insurance, who will hold the remaining 30%.

Towergate Underwriting chief executive Clive Nathan said: “To secure a five-year deal with insurers of this calibre is something of which we are very proud at Towergate – the security and stability it offers to our customers and to our own brokers is not to be underestimated.”

Towergate Group chief executive Mark Hodges said: “Our underwriting division continues to grow profitably in a tough market and testament to this is the completion of yet another five-year deal, a term which is relatively rare and a reflection of the strength of our brand, our management and its strategy execution.”

Last November Towergate MGA Fusion secured Allianz, RSA and QBE as its capacity providers in a five-year contract with each insurer.