Peninsula Underwriting Limited (Peninsula) has announced an arrangement with Allied World Assurance Company (Europe) dac, (Allied World)that will provide Gibraltar-based businesses and homeowners with a new range of tailored insurance options to protect their operations.
Allied World is a global provider of insurance and reinsurance solutions and has supported businesses in sectors such as property, casualty, and professional liability since 2001. As a subsidiary of Fairfax Financial Holdings Limited, Allied World has 26 offices around the world, $6.6 billion in capital, $24.4billion in total assets, and $7.2 billion in gross premiums written.
Peninsula has built its reputation, since 2007, on providing expert underwriting services to Gibraltar’s businesses. With a focus on professional service, underwriting expertise, and tailored insurance solutions, Peninsula has become a go-to partner for many local firms looking for cover that fits their needs.
At the helm of the Peninsula underwriting team is Tyrone Montovio, Head of Underwriting and Director. An experienced leader in Gibraltar’s insurance market, Tyrone previously served as Chief Executive of Argus Insurance. His knowledge of underwriting and risk management has helped shape the Peninsula approach, ensuring clients benefit from both personal service, local understanding and the highest professional standards.
“Working with Allied World allows us to offer a broader range of Property and Casualty insurance solutions, including cover for Commercial Property, PersonalProperty, Property Owners, Construction (CAR), and Commercial Combined risk.” says Tyrone Montovio. “These are products that give Gibraltar’s businesses and homeowners more choice and security—delivered with the personal service Peninsula is known for.”
How the Arrangement Works
Peninsula will act as a coverholder for Allied World, giving Peninsula the authority to underwrite policies and manage claims on its behalf. For local businesses, this means they can obtain cover from Peninsula, via one of their intermediary/broker partners, without needing to go through an overseas provider.
The collaboration focuses on delivering insurance solutions that are relevant to Gibraltar’s businesses. Whether it’s property insurance, liability cover, or specialist policies, clients benefit from Allied World’s financial strength together with local underwriting expertise and professional service being provided by Peninsula.
An Allied World spokesperson commented: “Allied World is committed to the market in Gibraltar, and we are excited to work with Peninsula. We look forward to leveraging our technical approach to underwriting and proven track record to deliver insurance solutions for businesses in Gibraltar.”
Benefits for Local Businesses
This arrangement brings the following benefits:
Increased Choice: Businesses can now access a wider range of insurance products locally, including specialist covers that may not have been easily available before.
Security& Stability: Allied World is rated “A” (Excellent) by A.M. Best, “A2”(Good) by Moody’s, and “A+” (Strong) by Standard & Poor’s.
Local expertise: Working with Peninsula means businesses continue to get personalservice and advice from a team that understands Gibraltar’s needs.
Faster processes: With Peninsula operating as the local underwriter, and claims handlers, decisions can be made quicker, cutting down on delays.
A Stronger Future
Thisis more than a business deal—it’s a sign of growing opportunities forGibraltar’s insurance sector. As Gibraltar continues to invest in and developthe jurisdiction, and attract international businesses and financial services,having access to global insurers like Allied World is an important stepforward.
ForPeninsula, it’s a chance to demonstrate its leadership as a Managing GeneralAgent in Gibraltar. “It is hugely exciting to be able to compete with localinsurers in a meaningful way – having the products and both underwriting andclaims authority delegated and backed by Allied World is a game changer andtestament to the credibility of Peninsula and the strong team in place. WithTyrone Montovio’s market leading experience, local understanding, and leadershipPeninsula is well-positioned to offer new levels of service and capability tobusinesses here.” James Andlaw, Peninsula’s Managing Director explains.
“Gibraltar has always been an important centre for financial services,” Tyrone explains. “But what we’re seeing now is an opportunity to raise the bar in terms of what’s available locally. Working with Allied World allows us to offer the type of insurance solutions you’d normally only find in larger markets. And we’re doing it in a way that stays true to Peninsula’s values—personal service, professional standards, and doing what’s right for our clients.”
Through this arrangement, Property & Construction businesses in Gibraltar will have access to greater choice, stronger security and local expertise so they can protect what they’ve worked hard to build.
Access world-class insurance cover right here in Gibraltar, contact info@peninsulaunderwriting.com
