11 May 2015
Towergate Insurance today announces the extension of a long term strategic partnership with Allianz.
The five year deal totals approximately £770 million gross written premium, representing a mutually beneficial relationship between Towergate and Allianz, and a confidence in the partnership. This follows the recent completion of the recapitalisation of the Towergate Group.
The deal will extend support across Towergate Underwriting - in particular to Fusion, provide additional capacity to Arista and provide new capacity in personal lines.
Commenting on the completion of the agreement today, Group Carrier Relationship Director Derek Henry said:
“This is great news and shows real confidence in Towergate. This long term partnership across our Underwriting business with Allianz builds on our relationship with them as a key strategic carrier. Together we can invest in the marketing and development of products, enhancing our broker proposition.”.
Underwriting CEO Clive Nathan also said:
“This agreement signals a confident return to business for Towergate Underwriting, and is a reaffirmation of our commitment to deliver on our promises to customers, in particular those who supported us through a period of uncertainty.
The last few months at Towergate have validated and solidified insurer relationships, through the very public support shown to us by our partners.
This agreement with Allianz is evidence of Towergate getting on and gaining momentum with plans to build a better business, in light of our reduced debt burden and increased liquidity.
We want to work with Allianz and all of our insurer partners to realise value, to innovate and to drive benefits from a combined approach to sales and advice.”
Simon McGinn, General Manager, Allianz Commercial, said:
“Towergate provides varied distribution for Allianz, supporting our ambitions to grow our profit base in an increasingly challenging market”.
Adding to these comments, Neil Brettell, General Manager, Allianz Retail, said:
“We have worked closely with Clive and his senior management team over the past 6 months and we are very pleased to have reached this new 5 year agreement.”
Launched in 1997, Towergate is the UK’s largest independently owned insurance intermediary, generating more than £3 billion of pro forma gross written premiums across its companies and employing over 5,000 people across more than 100 UK offices. Towergate is an important distribution channel for a significant range of insurance products and a key strategic partner for the UK’s largest insurers.
Towergate’s scale, customer insight and distribution relationships make it a unique business and a leader in the markets in which it operates. Its combination of distribution and underwriting gives it unparalleled consumer data and market insight.
Towergate operates across five core divisions:
Kelly-Ann Knight - Corporate Communications Director
Towergate Insurance Limited