Zurich UK has entered into a long term agreement with specialist MGA Plum Underwriting to provide capacity for its UK non-standard home insurance portfolio.
The five-year partnership replaces current capacity from Lloyd’s and focuses on a portfolio of targeted products in the non-standard property segment.
It will cater for risks including non-standard construction, unoccupied properties and subsidence.
The partnership incorporates a blend of case underwritten and digitally distributed products, drawing on Plum’s expertise in the specialist property sector.
For Zurich, the arrangement forms part of it retail growth strategy, including MGAs, to combine insurer and broker expertise and leverage the insights from distinct customer segments.
“We are delighted to launch our new partnership agreement with Plum Underwriting,” said Phil Ost, Zurich’s Head of Personal Lines.
“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,” he added.
David Whitaker, Managing Director of Plum, also commented: “This partnership with Zurich affirms our commitment to providing brokers and their clients with sustainable, high quality insurance products. 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.”
Clive Nathan, CEO Underwriting of GRP further stated: “This partnership is great news for our brokers and clients. Zurich have backed Plum’s technical and underwriting expertise, and their ability to deliver stable long-term underwriting results. This deal provides a firm foundation for us to continue our investment in the technology which underpins Plum’s digital distribution and flexible underwriting”
