Towergate and N&G outline terms of their capacity deal
Towergate said it has signed a five year partnership with Zurich subsidiary Navigators & General.
Under the deal, N&G will provide capacity and expertise for Towergate Marine products from 1 October.
N&G will provide capacity for up to £30m in premiums over five years.
Additionally, the two companies will work together to develop products with a focus on the UK domestic pleasure craft market.
Towergate Marine will continue to sell policies and handle claims from Cheltenham and delegated scheme arrangements with third party brokers remain unchanged.
Towergate said its marine business provides insurance for around 25,000 pleasure craft including super yachts, motor cruisers, narrowboats, dinghies and jet skis across the UK and the EU.
“This five year agreement demonstrates a mutual commitment to ensuring longevity, trust and building on our strong customer base,” said Towergate retail chief executive Steve Anson.
“N&G have been in this market place for over 90 years and bring a wealth of knowledge and underwriting expertise.”
Head of N&G Paul Emery said, “Towergate Marine products underwritten by N&G will further complement our existing business footprint as well as supporting our ambition to become the UK’s number one insurance provider for pleasure-craft.”