Towergate Underwriting Group remains tight-lipped over rumours that former AXA Insurance chief executive Andy Homer is to head the new Folgate Partnership.

Speculation has been rife as to where Homer would resurface following his departure from AXA late last month,

At the time, Homer hinted that he had already been offered several new opportunities.

"I already have some choices on the table," he said.

The rumour mill went into overdrive last week when Insurance Times broke the news that Towergate, which acquired Folgate Insurance in October, would use the insurance company to break into the commercial lines market.

Towergate will buy several provincial brokers early in the New Year to feed business to the Folgate Partnership.

However, Towergate marketing

director Paul Dyer refused to say if Homer would head the new enterprise.

"It's unsubstantiated rumour, but we are flattered to be linked with someone with such a good reputation in the industry," he said.

If Homer did join the underwriting agency, he would work alongside

former Groupama Insurances's managing director Kenny Maciver.

Maciver is believed to take on the role of operations director of the Folgate Partnership.