Allied World Assurance Company Holdings, AG announced Wednesday that Allied World Assurance Holdings (Ireland) Ltd entered into an agreement with Gravity Underwriting Limited whereby Allied World will invest and own a 21.2 percent share of Gravity.
Gravity is a London-based MGA that provides a range of innovative property and casualty products for insurance brokers in the U.K. SME (small and medium enterprises) market. Under the terms of the transaction, Gravity will help facilitate business for Allied World Europe’s property book of business.
In a statement, Julian James, president of Allied World Europe said the investment represents his firm’s continued commitment to the U.K. market and another step in a strategy to build out its European business.
Alan Thorne, managing director of Gravity said that plans for future development alongside Allied World include specialty casualty and professional lines products.
Source: Allied World Assurance Company Holdings, AG