Towergate and Navigators & General, a part of the Zurich Group (N&G), have signed a strategic partnership which will see N&G provide capacity and expertise for Towergate Marine products.
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.
The deal will see N&G provide capacity for up to £30m in premiums over five years. The two companies will work closer together to develop products with a focus on the UK domestic pleasure-craft market. The arrangement takes effect on 1 October 2016.
Towergate Marine will continue to sell policies and handle claims from Cheltenham and delegated scheme arrangements with third party brokers remain unchanged.
Towergate retail chief executive Steve Anson 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.”
Navigators & General head Paul Emery said: "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."