Zurich UK has entered into a five-year agreement with specialist MGA Plum Underwriting to offer capacity for its UK non-standard home insurance portfolio.
The £150m deal replaces Lloyd’s of London as Plum’s capacity provider.
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Plum is part of the Global Risk Partners (GRP) group of underwriting businesses. It features portfolio of targeted products in the non-standard property segment, focusing on risks such as non-standard construction, unoccupied properties and subsidence.
Leveraging Plum’s know-how in the specialist property sector, the tie-up consists of a mix of underwritten and digitally distributed products.
Plum managing director David Whitaker said that the alliance affirms its commitment to offering “sustainable, high quality insurance products” to brokers and their clients.
Whitaker added: “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.”
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By GlobalDataCommenting on the new MGA capacity deal, Zurich head of Personal Lines Phil Ost 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.”
The deal is part of Zurich’s Retail growth strategy to bring together its insurer and broker expertise and utilise insights from distinct customer segments.
Last year, Zurich rolled out its new UK broker trading platform known as Zurich Online for SME and speciality business.
