Oval is looking to expand its presence in the plant hire market with the relaunch of its wholesale product for the sector.

The product, for members of the Construction Plant Hire Association, will now be backed by QBE in addition to current insurer Royal & SunAlliance (R&SA).

The plant hire industry in the UK is estimated to be worth more than £3bn, according to Oval.

"Taking into account high street hire shops, the figure is closer to £4bn. The association has more than 1,400 members who jointly represent 90% of the industry by turnover," it added.

Oval's wholesale product currently produces a gross written premium of approximately £2m.

Steve Lestrange, of Oval Underwriting Agencies, said: "Having negotiated wider cover benefits with QBE, we are looking forward to the response from the relaunch of this product. The deal with QBE and continued agreement with R&SA ensures we also provide competitive pricing and an excellent level of service using top quality insurers."