Insurer will keep the network’s brand and products
Commercial insurer NIG has bought agricultural broker network FarmWeb, Insurance Times can reveal.
NIG, a division of listed insurer Direct Line Group, bought the network earlier this year following the retirement of FarmWeb chief executive Ken Isherwood.
NIG has underwritten the products sold by FarmWeb brokers for the past 11 years.
The insurer said in a statement confirming the purchase that it is “100% committed” to FarmWeb’s business model, distribution and products.
NIG will keep the FarmWeb brand and existing propositions. It will also invest further in the business, following on from its recent inclusion of environmental impairment liability cover in FarmWeb’s combined farm policies.
NIG managing director Jon Greenwood said: “This is an exciting acquisition for NIG and with strong relationships already in place with our brokers and the FarmWeb team, we hope to take full advantage of the growth potential that this purchase can bring to our business.”