The UK non-standard home insurance portfolio of Plum Underwriting (Plum) will now be backed by Zurich UK, replacing Lloyd’s of London as the specialist managing general agent’s capacity provider.
Worth £150 million, the personal lines capacity deal will run for half a decade. The portfolio focuses on risks such as non-standard construction, unoccupied properties, and subsidence.
For Plum managing director David Whitaker, the partnership is an affirmation of the MGA’s commitment to providing sustainable, high-quality insurance products to its brokers and their clients.
“The five-year deal recognises the importance of long-term stability and how combining this with a technology-led strategy drives measurable benefits to Plum and our brokers,” said Whitaker, whose camp is under the umbrella of the Global Risk Partners (GRP) group of underwriting businesses.
GRP’s chief executive of underwriting Clive Nathan described the alliance as “great news” for broking partners and their customers as it provides, according to the CEO, a firm foundation for the continued investment in the technology behind Plum’s digital distribution and flexible underwriting.
Meanwhile, Zurich personal lines head Phil Ost said: “We are delighted to launch our new partnership agreement with Plum Underwriting.
“Their long-established reputation and expertise in the specialist property market is clear, and we look forward to working with the Plum team on profitably growing this portfolio, as well as further deepening our relationship with the wider GRP Group.”
