Towergate Underwriting has launched a new London specialty MGA platform, Geo Specialty, with political violence the first market to go live backed by Lloyd’s capacity.
The underwriting arm of the UK broker Towergate said the new business was a fundamental part of its strategy to become a key player in the specialty market.
“We have been talking to the market about our intentions for some time and I’m delighted that we’re now in a position to launch the first element of Geo Specialty,” remarked Towergate Underwriting CEO Paul Dilley.
Political violence, the first market to go live, is led by senior underwriter Marcus Meredith, who joined Towergate from Hyperion-owned underwriting agency Dual International.
“With political violence, we have created a market-leading, bespoke terrorism product for both private and commercial clients, backed by Lloyd’s of London capacity,” said Dilley, adding that it gives “far more comprehensive coverage than the Pool Re offering”.
“This is our first step towards building a strong London underwriting business. We are identifying markets where we can really add value and make a difference through our underwriting expertise and products,” he continued.
The firm said that more markets will follow throughout the year.
Towergate is part of The Ardonagh Group, a holding group that also encompasses insurance brokers Autonet, Chase Templeton, Ryan Direct Group and Price Forbes.