Towergate and its subsidiary Arista, a Lloyd’s coverholder, have formed a partnership with the insurer Ageas, which will provide capacity of £60 million ($82.9 million), each year for the next five years.
The capacity will be used for Arista’s commercial motor, property and liability products. Ageas, based in Eastleigh, England, also will provide capacity for Towergate’s holiday homes portfolio.
Arista’s 400 independent brokers are set to benefit from the new arrangement starting on May 1, 2016, said the Maidstone, England-based Towergate, noting that it has a long track record of partnering with Ageas.
Group Carrier Relationship Director Derek Henry at Towergate Insurance said: “In this tough market, Ageas’s backing is a terrific endorsement of our underwriting approach and expertise. We look forward to working with Ageas as we continue to deliver the best products and services for our broker partners.”
“We’re proud to be working with Towergate once more in this part of the commercial market,” said Ageas’ Broker Distribution Director Chris Dobson.
“Arista is an established brand in the broker market and we’re excited about both the future of our partnership, and continuing to offer the right products, services and solutions to meet brokers’ needs,” Dobson added.