Zurich inks five-year £150m capacity deal with MGA Plum

Zurich UK has signed a five-year £150 million personal lines capacity agreement with specialist MGA Plum Underwriting, a part of the Global Risk Partners (GRP) group. The deal replaces Plum's current capacity from Lloyd's.

With effect from January 1, 2021, Plum's main UK underwriting capacity will be provided by Zurich Insurance.

The partnership will focus on a portfolio of targeted products in the non-standard property segment, catering for risks including non-standard construction, unoccupied properties and subsidence. It will incorporate a blend of case underwritten and digitally distributed products.

Zurich said the deal is a part of its retail growth strategy that aims to combine insurer and broker expertise to design better products.

Phil Ost, Zurich’s head of personal lines, 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.”

David Whitaker, managing director of Plum, said: “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, commented: “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.”