The five-year partnership with Plum, who form part of the Global Risk Partners (GRP) group of underwriting businesses, replaces current capacity from Lloyd’s and focuses on a portfolio of targeted products in the non-standard property segment, catering for risks including non-standard construction, unoccupied properties and subsidence.
The partnership incorporates a blend of case underwritten and digitally distributed products, drawing on Plum’s significant expertise in the specialist property sector. The partnership forms part of Zurich’s Retail growth strategy, including MGAs, to combine insurer and broker expertise and leverage the unique insights from distinct customer segments.
Commenting on the new MGA capacity deal, Phil Ost, Zurich’s Head of Personal Lines (pic right), 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, 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.”
Clive Nathan, CEO Underwriting of GRP said, “This partnership is great news for our brokers and clients. Zurich have 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”