Norwich Union Insurance has outsourced the administration of its marine trade, yacht and pleasurecraft facilities as part of its plans to exit non-core products and services, but retain a presence in those markets.

Towergate Marine Underwriting, part of the Towergate Underwriting Group, will administer the facilities. It will also handle some back office administration and accounting on behalf of Norwich Union for the existing pleasurecraft scheme intermediaries.

Norwich Union and TMU already have a commercial scheme arrangement for marine trade business under their Boat Traders product.

With effect from 1 September 2003, Norwich Union will be directing all appropriate new business enquiries for this specialist class of business to TMU to be handled by their offices in Lymington.

Norwich Union will continue to underwrite its 'heavy' commercial vessel portfolio, which includes barges and dredgers, as well as its cargo and transit business.

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