Rural Insurance has revealed a £41 million five-year capacity deal with
Zurich Insurance plc.
Replacing XL Catlin as Rural’s primary capacity provider, Zurich Insurance will provide capacity for the specialist agricultural insurer’s farm, farm motor, rural business motor, livestock, and hailstorm products starting November 01, 2017.
Existing capacity arrangements for Rural’s renewable energy, motor breakdown, and agricultural contractors liability products will not be affected by the new deal.
“This new arrangement brings Rural a partner with more than 30 years’ experience in farming, an international footprint, and an underwriting appetite that will enable Rural to advance its ambitions for the ever-diversifying farming sector,” said David Cahoon, underwriting and technical director at Rural Insurance.
For Conor Brennan, head of retail general insurance at Zurich Insurance, their detailed industry knowledge combined with Rural’s robust customer relationships will allow the two to work towards the common goal of mitigating and protecting against agricultural risk.
Brennan commented: “Indeed, to further build lasting relationships in the farming industry is not only exciting but vital to our businesses, and we look forward to the next five years of exploring new opportunities in the sector.”
Across the UK, Zurich is based at around 20 locations and employs approximately 6,000 people. Rural, on the other hand, has a network of more than 600 brokers.
“I’d like to extend my thanks to the Zurich team for their effort in a smart and efficient onboarding process that bodes well for our future development,” added Cahoon.
Related stories:
The insurance that’s actually bad for the environment
Giving rural brokers a real alternative
