Zurich has signed a new long-term agreement with AIUA, a specialist underwriter for agricultural and farm insurance.
The five-year deal with AIUA which forms part of The Ardonagh Group, is worth £105 million of gross written premium over five years and is effective immediately. Zurich is taking over from AXA.
Under the agreement, Zurichwill provide sole underwriting capacity to the North Yorkshire-based insurer for its portfolio, which includes farm combined and agriculture motor.
David Martin, head of retail at Zurich, said: “This deal further strengthens our strategic relationship with Ardonagh and is consistent with our retail strategy. We are continuing to expand and diversify our retail business by building long-term capacity agreements with specialist, high-performing underwriters. AIUA have a long-established expertise in the rural insurance market, and we are delighted to be working with them.”
Derek Coles, chief executive officer of Geo Underwriting, a part of The Ardonagh Group, added: “I am delighted to further develop and strengthen our strategic partnership with Zurich, building not only on our successful relationship in agriculture (with The Rural Insurance Group) but elsewhere across the Geo ‘house of brands’.”
“Both Geo and Zurich are committed to the specialist agriculture insurance sector, seeing this as a real opportunity for growth, and I’m delighted they have chosen to back our technical knowledge and expertise.”