Insurer to increase share in Towergate Commercial Underwriting to 70%
Allianz will be Towergate Commercial Underwriting’s main capacity provider for the next five years and will increase its share in the managing general agent (MGA) from 40% to 70%.
The insurer will be joined by Brit Insurance, who will hold the remaining 30%.
Towergate Underwriting chief executive Clive Nathan said: “To secure a five-year deal with insurers of this calibre is something of which we are very proud at Towergate – the security and stability it offers to our customers and to our own brokers is not to be underestimated.”
Towergate Group chief executive Mark Hodges said: “Our underwriting division continues to grow profitably in a tough market and testament to this is the completion of yet another five-year deal, a term which is relatively rare and a reflection of the strength of our brand, our management and its strategy execution.”
Last November Towergate MGA Fusion secured Allianz, RSA and QBE as its capacity providers in a five-year contract with each insurer.
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