The five-year deal is worth £105 million and sees Zurich provide sole underwriting capacity for the North Yorkshire-based insurer for a portfolio that includes agriculture motor and farm combined. AIUA is part of the Ardonagh Group.
“I am delighted to further develop and strengthen our strategic partnership with Zurich, building not only on our successful relationship in agriculture (with The Rural Insurance Group) but elsewhere across the Geo ‘house of brands’,” said Geo CEO Derek Coles. “Both Geo and Zurich are committed to the specialist agriculture insurance sector, seeing this as a real opportunity for growth, and I’m delighted they have chosen to back our technical knowledge and expertise.”
Meanwhile, Zurich noted the move continues its retail growth.
“This deal further strengthens our strategic relationship with Ardonagh and is consistent with our retail strategy,” said David Martin, Zurich’s head of retail. “We are continuing to expand and diversify our retail business by building long-term capacity agreements with specialist, high-performing underwriters. AIUA have a long-established expertise in the rural insurance market, and we are delighted to be working with them.”