Gravity Underwriting will source business for new investor’s property book
Insurer Allied World Europe has agreed to buy a 21.2% stake in UK commercial managing general agency (MGA) Gravity Underwriting.
Gravity is based in London and sells a range of non-life products through brokers to small-to-medium-sized enterprises in the UK.
Under the deal, Gravity will help to produce business for Allied World Europe’s property book.
Allied World Europe president Julian James (pictured) said: “Gravity is a well-respected MGA in the UK commercial market with a solid reputation for technical expertise.
“This investment represents our continued commitment to the UK market and another step in our strategy to build up our European business. I am confident that together, we will be able to provide our mutual customers with the exceptional service and financial security they have come to expect.”
Gravity managing director Alan Thorne added: “We are delighted to have Allied World as an investor in our organisation as well as lead insurer in our commercial property business.
“Plans for future development alongside Allied World include specialty casualty and professional lines products. Gravity is commencing a new phase of growth in the UK retail insurance market and we are proud to be working with Allied World Europe.”
Allied World Europe is a division of Swiss-based global (re)insurer Allied World Assurance Company.
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