At the heart of these moves is a restructure to reflect Towergate’s two main core areas of strength: underwriting and retail broking.

 

The new underwriting and broking operations will have separate management structures headed by Divisional Chief Executives, Clive Nathan and Amanda Blanc, who will report to the Group Chief Executive, Andy Homer.

 

Both Clive and Amanda will also join the Board of Towergate Underwriting Group Ltd. (the regulated company) subject to FSA approval.

 

 

The Underwriting Division, headed by Clive Nathan, will have centres of underwriting excellence, which complete the underwriting and pricing for a wide range of product areas including Property, Liability, Motor, Household, Financial Risks, Marine, Property Owners, Construction and Agricultural.

 

Over half of Towergate’s business currently emanates from third-party brokers and the new division will give brokers a clear route to the right underwriters and products, as well as ‘Package’ commercial business in the ‘VSME’ sector.

 

Fusion will maintain its separate identity as a market-leading underwriter for medium commercial combined risks.

 

The Retail Broking Division, headed by Amanda Blanc, will comprise the Towergate regional brokers grouped into three regions – North, Central and South. 

 

 

Andy Homer said: “Our strategy has been consistent for many years - we create great value for both customers and insurers through our expertise and delivering great service and great products.

 

"Our latest moves are designed to focus our underwriting and broking skills into separate divisions, so that it is clear to our customers and our supporting brokers what our service proposition is.

 

"To give great service needs absolute focus and this restructure achieves exactly that.

 

"I have no doubt that our virtual insurer model is one that many others will try to copy over the next couple of years”.

 

 

Peter Cullum said: "The restructure is about playing to people’s strengths to deliver first class and service.

 

"It also keeps us ahead of the game in respect of transparency and FSA compliance in line with the requirements for Treating Customers Fairly.

 

"What it is not about is cost saving – we have created a number of vacancies and we will be recruiting some of the best talent in the Industry over the next few months.

 

"Our goal to reach £2bn of GWP in 2006 is on track and we are now setting our sights to get to £3bn by the end of 2007. These changes provide us with a strong operating platform to accomplish just that”.