Allied World Assurance Company Holdings, AG, which is based in Switzerland, announced that its subsidiary, Allied World Assurance Holdings (Ireland) Ltd, has entered into an agreement with Gravity Underwriting Limited for Allied World to invest and own a 21.2 percent share of Gravity.
“Gravity is a London-based MGA that provides a range of innovative property and casualty products for insurance brokers in the U.K. SME market, said the announcement. “Under the terms of the transaction, Gravity will help facilitate business for Allied World Europe’s property book of business.”
Allied World Europe President Julian James stated: “Gravity is a well-respected MGA in the U.K. commercial market with a solid reputation for their technical expertise. This investment represents our continued commitment to the U.K. market and another step in our strategy to build out our European business. I am confident that together, we will be able to provide our mutual customers with the exceptional service and financial security they have come to expect.”
Gravity’s Managing Director Alan Thorne commented: “We are delighted to have Allied World as an investor in our organization as well as lead insurer in our commercial property business. Plans for future development alongside Allied World include specialty casualty and professional lines products. Gravity is commencing a new phase of growth in the U.K. retail insurance market and we are proud to be working with Allied World Europe.”
Source: Allied World