Towergate finalises Money Wise acquisition

Towergate has secured all its capacity providers for the next three years.

Underwriting chief executive Clive Nathan said that all of Towergate’s 18 different underwriting zones completed their capacity provision during the last 12 months, giving the business a strong basis to move forward. Providers include RSA, Allianz, NIG, Fortis and Equity.

Nathan said he was still in discussions with Lloyd’s over a Towergate underwriting vehicle.

He added that it was only natural to consider Lloyd’s insurers as capacity providers, seeing as some are already working with Towergate’s underwriting zones.

Nathan said: “We are looking at the whole Lloyd’s market in terms of distribution: Lloyd’s brokers using the Towergate Underwriting expertise and also Lloyd’s as a capacity provision. We already use Lloyd’s for our capacity in lots of areas, including some of our niche specialist business.

“As we look to expand our footprint, I want some of our zones to further broaden what they do. Some of that is ideally placed to go into Lloyd’s because the mainstream market may not want some of those esoteric risks.”

Meanwhile, Towergate completed the acquisition of Scottish broker Money Wise.

All 15 staff and directors have moved to Towergate, led by managing director Bruce Law.

The business controls premiums of over £3.5m.