Towergate, Europe's largest independently owned insurance group, has assumed ownership of Insurance for Car Hire Agents (I4CH).

I4CH is an internet based car insurance company, which specializes in car rental excess insurance and it is speculated will form part of Towergate's retail division.

Towergate said: "The acquisition of I4CH provides access to a successful Internet based business where all sales and fulfillment are carried out online. This will help Towergate strengthen its online capabilities and build its expertise further in the distribution of consumer products online."

Peter Cullum, Executive Chairman of Towergate added: "This is a business with a great track record and significant growth potential. It’s yet another great signing for Towergate which will help strengthen our online capabilities and product offering to customers”.

I4CH has, since being founded five years ago, provided customers with cover for the high excesses charged by some car rental companies and products that include cover for damage to windows, tyres, roof and the undercarriage of the vehicle, which tend to be general exclusions of car rental agreements.