QBE and Towergate agree deal

QBE and Towergate Underwriting are to partner on a new commercial property owners business arrangement.

QBE will be the insurer and the business will be underwritten and serviced by the Towergate property team in London who have an account in the region of £40m.

QBE's property managing director Bernard Mageean said: “We are delighted to be working in partnership with Towergate on such a successful area of business.

"This is a fantastic opportunity to make a significant impact in the UK property owners sector by using our specialist expertise. It also supports QBE’s ambition to achieve significant profitable growth in its property division over the next five years.”

He added: “We look forward to working closely with Towergate to develop this book of business further.”

Towergate Underwriting chief executive Clive Nathan said: “We are pleased to continue to strengthen our relationship with QBE.

"Our business model is all about specialist underwriting and expertise, and our property owners team has maintained an excellent reputation over the years. So, we looked very closely at our potential partners and found QBE to be speaking the right language.”