Towergate Underwriting in £1bn deal as Axa departs household MGA
Towergate Underwriting has secured over £1bn of underwriting capacity spread over the length of a series of renewal deals effective from 1 January 2013, Insurance Age can reveal.
The company stated that it has signed five-year deals with several insurers including RSA, Allianz, QBE and Zurich.
It has not been confirmed what the capacity split is between the participants.
Meanwhile Axa will no longer provide capacity for Towergate’s household MGA.
This leaves Allianz and Cardif Pinnacle remaining on the panel, the latter having joined in November 2011.
A market source suggested that Axa had previously provided around £60m of capacity for the household line of business.
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