The partnership between Zurich UK and Plum Underwriting will result in the latter offering capacity for home insurance portfolio, replacing the current capacity from Lloyd’s
Zurich UK has signed a five-year agreement with UK-based specialist managing general agency (MGA) Plum Underwriting to offer capacity for its UK non-standard home insurance portfolio.
The long-term partnership with Plum Underwriting, a subsidiary of Global Risk Partners (GRP) group of underwriting businesses, will replace the current capacity from Lloyd’s.
It will focus on a portfolio of targeted products in the non-standard property segment and cover the risks including non-standard construction, unoccupied properties and subsidence.
Furthermore, the partnership will include a blend of case underwritten and digitally distributed products, leveraging Plum’s experience in the specialist property sector.
Zurich personal lines head 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 partnership is part of Zurich’s retail growth strategy, including MGAs, to combine insurer and broker expertise, using unique insights from distinct customer segments.
Plum Underwriting managing director David Whitaker said: “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.”
In August this year, Zurich UK partnered with By Miles, an insurtech in usage-based insurance to underwrite its motor policies under a five-year agreement.
By Miles offers real-time pay-as-you-drive insurance, whose policies are for those who drive less than 7,000 miles per annum.