The insurer is replacing current capacity from Lloyd’s
Insurer Zurich and MGA Plum Underwriting – part of Global Risk Partners (GRP) – have agreed a five-year, £150m capacity deal to cover Plum Underwriting’s UK non-standard home insurance portfolio.
The new partnership, which will replace current capacity provided by Lloyd’s, will provide cover for products such as non-standard construction, unoccupied properties and subsidence.
The deal will incorporate a mix of case underwritten and digitally distributed products.
For Zurich, the long-term partnership forms part of its own retail division’s growth strategy – this aims to combine insurer, broker and MGA expertise and leverage insights from distinct customer segments.
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 Underwriting, added that the length of the partnership “recognises the importance of long-term stability”.
He continued: “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, chief executive of underwriting at GRP, added: “This partnership is great news for our brokers and clients.
“Zurich has 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.”