Insurance Age

Hodges: Property underwriting sale is "not a sign of weakness"

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    • Andrew Pearce

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Towergate Group CEO defends decision to sell division to Peter Cullum-backed venture.

Towergate CEO has contended that the sale of its property underwriting division to a Peter Cullum-backed London Market venture is not a "sign of weakness".

Last month, it was confirmed that the division had been snapped up by new London-market consolidation business Global Risk Partners (GRP) for £9.25m.

Assessing the sale, Hodges told Insurance Age: "I wouldn't see it as a sign of weakness.

"Historically we have not been a selling business but in this particular circumstance it sits more

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