Using unrated insurers perilous, say brokers
Market reacts to Gable's declaration that it's pondering a sale.
Following the announcement that Gable is looking into a sale and is unable to comply with Solvency II, Towergate CEO David Ross said the consolidator's management would be meeting today to discuss the best way forward for its deal with the insurer.
Ross explained that the £70m deal Towergate entered with unrated insurer Gable in December 2012 is multi-year and amounts to less than half a percent of premium for Towergate.
Unrated
Meanwhile brokers in the market highlighted the risks of placing
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