Towergate on verge of Paymentshield deal
According to market sources, Towergate is on the verge of buying independent mortgage protection spe...
According to market sources, Towergate is on the verge of buying independent mortgage protection specialist Paymentshield and its underwriting arm is set to switch to Royal & SunAlliance. Paymentshield has had its underwriting capacity, currently Hamilton Insurance and St Andrews Insurance, out for tender since May. Paymentshield has 30,000 policies a month and had a premium income of £186m for the year end 20 April. It recorded a profit of £11.5m.
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