Towergate makes £30m deal with yacht specialists N&G
Navigators & General (N&G), a marine insurance subsidiary of Zurich Group, will provide additional capacity to Towergate for its line of marine products, as part of a strategic partnership between the companies, effective October 1.
As part of the deal, N&G will provide capacity for up to £30 million in premiums over five years, and the two companies will work closely together to develop products with a focus on the UK domestic pleasure-craft market.
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.
Furthermore, Towergate Marine will continue to sell policies and handle claims from Cheltenham and delegated scheme arrangements with third party brokers remain unchanged.
Steve Anson, retail chief executive at Towergate, 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 N&G, added: "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."
