Towergate, Ageas in £300m, 5-year capacity deal

Towergate said it has signed a £300m, five-year capacity deal with Ageas.

Ageas will provide £60m capacity a year for five years across Towergate’s managing general agency Arista’s commercial motor, property and liability products. The deal also sees Ageas providing capacity for Towergate’s holiday homes portfolio.

Towergate and Ageas already have relationships covering Broker Network, Footman James and AIUA.

Arista’s 400 independent brokers are set to benefit from the new arrangement from 1 May, Towergate said.

Towergate group carrier relationship director Derek Henry said: “In this tough market, Ageas’s backing is a terrific endorsement of our underwriting approach and expertise.”