Broker is rebranding bespoke underwriting arm as Fusion
Towergate has put 50 roles at risk of redundancy as part of a shakeup of its underwriting business.
In January Towergate split its underwriting arm into bespoke and volume divisions, with bespoke underwriting headed by chief executive David Bruce.
Today it has announced that it will rebrand the bespoke division as Fusion.
Under the new structure, Towergate has entered into consultation over plans to merge its sports and leisure business with its entertainment business.
It has also proposed to move its construction and liability businesses from its Stokesley office, which would close, and its transportation business from Telford to other offices. A retail business would remain in Telford.
As a result of the proposals, Towergate has today told 50 staff that their jobs are at risk of redundancy.
Fusion, which specialises in risk management as well as underwriting, will continue to operate from five branches with a larger product range that will include professional indemnity and motor fleet.
But its managing director Nick Wright and chief underwriting officer Stewart Gardiner, as well as regional managing directors for the North and South, Rob Chapman and Nick Milton, have resigned within the last week.
Under the proposal, Towergate said AIUA and BIBU would retain their current identities as specialists in the agricultural sector.
Group chief executive Mark Hodges said: “Expanding our Fusion brand across our bespoke portfolio would enable us to simplify our offering with the aim of making it easier for brokers to do business with us.
“Fusion has become a trusted brand within the broking community and we propose to build on this reputation by expanding our range of products and further enhancing the Fusion offering. These proposed changes would further support our specialisms, such as our agricultural brands AIUA and BIBU, with the aim of providing brokers with clear, easy access to the products and markets they have told us they need.”
Underwriting chief executive Clive Nathan said: “It is vital to our customers that we retain a strong regional presence in the UK. The changes we are proposing demonstrate our commitment to broker service as part of a plan which we have been developing for some time.”
Towergate is currently in a period of consultation with 750 staff across its retail branches as it looks to move its trading relationship with small business clients to a call centre in Manchester.