Zurich expects $700m Q3 nat cat impact
Zurich Insurance has entered into a new long-term capacity deal with Harrogate-based specialist agricultural insurer Rural Insurance.
The five-year deal, worth £41 million, will see Zurich provide capacity for Rural’s farm, farm motor, rural business motor, livestock and hailstorm products from 1st November 2017, replacing XL Catlin as Rural’s primary capacity provider.
The new deal does not change existing capacity arrangements for its renewable energy or motor breakdown, agricultural contractors liability products, according to the statement.
David Cahoon, underwriting and technical director at Rural Insurance, commented: "We’re delighted to enter this long-term partnership with Zurich Insurance. This new arrangement brings Rural a partner with more than 30 years’ experience in farming, an international footprint and an underwriting appetite that will enable Rural to advance its ambitions for the ever-diversifying farming sector. I’d like to extend my thanks to the Zurich team for their effort in a smart and efficient onboarding process that bodes well for our future development."
Conor Brennan, head of retail general insurance at Zurich Insurance, said: "To be working with Rural is extremely gratifying. Our detailed industry knowledge combined with their robust customer relationships will allow us to work towards the common goal of mitigating and protecting against agricultural risk.
"Indeed, to further build lasting relationships in the farming industry is not only exciting but vital to our businesses and we look forward to the next five years of exploring new opportunities in the sector."
Zurich Insurance, Rural Insurance, Capacity, Agriculture, XL Catlin, UK, Europe