Global insurer Zurich has signed a five year agreement with specialist underwriter and Ardonagh subsidiary AIUA, worth an estimated £105 million of gross written premium.
Under the agreement Zurich has agreed to provide sole underwriting capacity for a portfolio of farm and agriculture motor.
“This deal further strengthens our strategic relationship with Ardonagh and is consistent with our retail strategy,” David Martin, Zurich’s Head of Retail.
“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, GEO CEO, 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.”
Zurich takes over from previous capacity provided by AXA.