ALLIED WORLD BUYS MINORITY STAKE IN GRAVITY UNDERWRITING

Allied World Assurance Holdings (Ireland) has bought a 21.2% stake in London-based managing general agent (MGA) Gravity Underwriting, which provides cover to the UK small-to-medium enterprise (SME) market. Allied World Europe president Julian James said that the deal was "another step in our strategy to build out our European business". He noted that Gravity had "a solid reputation for its technical expertise". Under the terms of the deal Gravity will help facilitate business for Allied World Europe's property book. Earlier this month Allied launched Allied Worldwide, a platform to meet the insurance needs of multinational clients.