Towergate and Navigators & General (N&G), a part of the Zurich Group, have signed a strategic partnership under which N&G will 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 £30 million ($38.1 million) 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 Oct. 1, 2016.
Towergate Marine will continue to sell policies and handle claims from Cheltenham and delegated scheme arrangements with third party brokers remain unchanged.
“This five-year agreement demonstrates a mutual commitment to ensuring longevity, trust and building on our strong customer base,” said Steve Anson, Towergate retail chief executive. “N&G have been in this market place for over 90 years and bring a wealth of knowledge and underwriting expertise.”
“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,” commented Paul Emery, head of N&G.
“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,” he added.
Source: Towergate
Topics Mergers & Acquisitions
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