Insurer signs three-year deal to underwrite Towergate travel failure product
Towergate Underwriting’s travel unit has signed up Zurich Insurance plc’s German branch as the new capacity provider for its financial failure cover for the travel industry.
Under the three-year rolling agreement, the Zurich branch will underwrite the Towergate travel failure product, now known as Travel Regulation Insolvency Protection (TRIP).
Zurich Insurance plc is Zurich’s Ireland-based insurance company. Zurich’s UK business is also a branch of Zurich Insurance plc.
Towergate Travel managing director Tony Gilpin said: “We’re delighted with this new partnership, which comes at a very exciting time for our business & the Industry as a whole.
“The changes coming in next July as a result of the 1992 EC Package Travel Regulations mean that many more tour operators and holiday providers will be brought into scope.”
“It’s essential that further new long-term capacity offering A+ rated security is brought into this space – and in Zurich Insurance plc Branch Germany we have found an ideal like-minded partner.”