Managing General Agent (MGA) Rokstone has announced the launch of its new Farm and Ranch Package Policy through Rokstone Farm Risks Underwriting LLC.
The bundled product includes Property, Auto and Excess in one package.
Ohio-based Rokstone Farm Risks, which works alongside the US based Rokstone Agriculture Risk Underwriters, secured $15 million capacity for Farm Property, $5 million for Farm Excess, and $1 million capacity for Auto Liability with Glencar Insurance Company.
The capacity is on an admitted basis, rated A+/XV by A.M. Best, the firm noted.
According to the MGA, this product will deliver much needed product innovation and capacity for this critical stage of the agriculture product lifecycle.
Its launch comes at a time when traditional carriers are reducing capacity, constricting wordings, and driving rate increases. Because of this, Rokstone believes its new product will deliver much needed stability in this market.
Rokstone’s Farm and Ranch combines market leading underwriting expertise with an award-winning online quote and bind experience that has a high percentage of straight through processing.
This vastly improves the broker experience and boosts agility in addressing emerging exposures, the firm explained.
Joshua Lauth President of Rokstone Agriculture Farm and Ranch, commented: “We’re delighted to launch this new bundled product offering with modernised products that address niche needs in the marketplace, and a fast and reliable service. Rokstone is committed to offering insurance solutions at critical points in the agriculture product lifecycle.
“We are turning the tide at a time when economic conditions are putting pressure on reinsurance capacity, forcing markets to vastly alter terms and conditions or exit Farm and Ranch classes altogether. We continue to take the lead in addressing the needs of this underserviced sector of the market.”
