Four directors have resigned from Towergate-owned Fusion within a week
Two regional managing directors from Towergate-owned Fusion have followed its managing director and underwriting director out the door, Insurance Times has learned.
Regional director for the north, Rob Chapman, and regional manager for the south, Nick Milton, resigned from the managing general agent last week. The pair headed up Fusion’s Leeds and Bristol offices respectively.
Their resignations follow those of managing director Nick Wright and underwriting director Stewart Gardiner, who also quit last week. It is understood that all four intend to join Arthur J Gallagher.
Spokeswomen for Towergate and Gallagher declined to comment.
Towergate group chief executive Mark Hodges has previously played down the number of people leaving the broker and pointed to new hires.
Speaking to Insurance Times in April when Towergate reported its full year results, Hodges said: “I know there’s this story about who we’ve lost. But if you list the people we’ve recruited for new positions, or to replace people who have left, we’ve attracted some brilliant talent into this business.
“We’ve attracted them because they can see clearly the strategy of the group and the market position we adopt. Nobody else has the distribution business, the MGA business, and the scale that we’ve got. Nobody else has the specialist market franchise or the coverage we’ve got. They can see a huge opportunity in Towergate - and I think people will join for that reason.”
Gallagher has made no secret of its plans to build its underwriting capabilities. The broker currently places around 5% of the premiums it takes from its retail arm with its managing general agent, whereas Towergate’s retail arm places around a third of its premium with Towergate Underwriting.
Adrian Brown, RSA’s outgoing UK and Western Europe chief executive, will join the broker as executive chairman of its underwriting and distribution business later this year.