QBE, a business insurer, has entered into partnership with Towergate Underwriting, whereby QBE will be the insurer of an arrangement for commercial property owners business.
The business is underwritten and serviced by the Towergate Property team in London who have an account in the region of GBP40m. QBE said that the agreement will provide a dedicated channel for its brokers to access property market.
Bernard Mageean, managing director of property at QBE European Operations, said: 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.
Clive Nathan, CEO of Towergate Underwriting, said: “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.”