Aldgate Insurance signs three-year deal for Gresham's QBE account

Gresham Insurance Brokers has transferred its QBE account to Aldgate Insurance Company, a recently registered Gibraltar insurer.

The three-year deal will start from 1 August.

A spokesman for Gresham said:

"The profile of the account fits exactly the type of business being sought by Aldgate. It therefore follows that the account will be underwritten by Aldgate going forward.

"I expect this service to commence on 1 August and it will be made available exclusively to Gresham's network of agents, consisting of more than 1,000 professional intermediaries throughout the UK."

Aldgate is reported to be backed by Lloyds TSB bank, with support from a reinsurance programme placed by Aon through Brit and a number of Lloyd's underwriters.

In a statement to clients, Gresham director of marketing and business development Chris Collier said: "Gresham believes the new partnership will enhance our service levels and flexibility in all areas, particularly claims and quotations.

"Gresham expects to be in a position to offer higher commission rates based on profitability and support levels."

Aldgate will be registered with Gibraltar's Financial Services Commission and will offer general and liability insurance services into the UK.

The company joins a number of UK insurers including Saga, Advantage and Evolution.