19 August 2016
Towergate and Navigators & General, a part of the Zurich Group (N&G), have signed a strategic partnership which will see N&G provide capacity and expertise for Towergate Marine products.
Towergate Marine provides insurance for around 25,000 pleasure crafts including super yachts, motor cruisers, narrowboats, dinghies and jet skis across the UK and the EU.
The deal will see N&G provide capacity for up to £30m in premiums over five years. The two companies will work closer together to develop products with a focus on the UK domestic pleasure-craft market. The arrangement takes effect on 1 October 2016.
Towergate Marine will continue to sell policies and handle claims from Cheltenham and delegated scheme arrangements with third party brokers remain unchanged.
Towergate retail chief executive Steve Anson said: “This five-year agreement demonstrates a mutual commitment to ensuring longevity, trust and building on our strong customer base. N&G have been in this market place for over 90 years and bring a wealth of knowledge and underwriting expertise.”
Paul Emery, Head of Navigators and General comments: "I’m delighted that we’re announcing this new partnership with Towergate which will have long term benefits to the sustainability of the UK domestic yacht and motorboat insurance market.
“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."
Launched in 1997 Towergate is the UK’s largest independently owned insurance intermediary. Towergate is an important distribution channel for a significant range of insurance products and a key strategic partner for the UK’s largest insurers.
About Navigators & General
Navigators & General is a trading name of Zurich Insurance plc. Zurich Insurance Group (Zurich) is a leading multi-line insurance provider with a global network of subsidiaries and offices in Europe, North America, Latin America, Asia-Pacific and the Middle East as well as other markets. It offers a wide range of general insurance and life insurance products and services for individuals, small businesses, mid-sized and large companies as well as multinational corporations.
Zurich employs about 60,000 people serving customers in more than 170 countries. The Group, formerly known as Zurich Financial Services Group, is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt program (ZURVY) which is traded over-the- counter on OTCQX. Further information about Zurich is available at www.zurich.com
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.
Kelly-Ann Knight - Corporate Communications Director
Towergate Insurance Limited
Andrew Lyons - Media Relations Manager
Navigators & General
Justin Griffiths or Victoria Heslop - PR advisers to Towergate