Allstate Underwriting Agency secures new support for rural andregional insurance
Allstate Underwriting Agency has secured additional support from the Lloyds market to underwrite its Farm Package, a complimentary Livestock Product, and a new SME Commercial Package for rural and regional businesses.
5 June 2023, (Sydney, AEST):
CEO Rodney Bond said, “We are very pleased to be able to bring additional capacity to the Australian market at a time when insurance support for farmers and small business owners in regional Australia seems less available than ever”.
“Obtaining Lloyd’s support for our products, thanks to the assistance of Envest’s major shareholder, The Ardonagh Group, allows us to again grow our Farm insurance portfolio.”
Allstate Underwriting was “born in the bush” in 2008 and has focused on providing regional and rural insurance brokers with specialised farm package insurance. A part of the Envest Group of companies, Allstate has a strong reputation for personalised service and claims management.
Its current broker relationships will be key to expanding its portfolio into the SME sector.
“We have a dedicated, experienced team with authority to make the decisions quickly,” Rodney said. “With the backing of the world’s leading insurance marketplace at Lloyds, we are confident that we can help our brokers protect their clients from disaster and ensure the fast and fair payment of claims.”
Effective from 5th June 2023, Allstate Underwriting Agency Pty Ltd will underwrite and distribute;
- A Farm package product supported by a number of Lloyds of London Syndicates and HDI Global Specialty SE , incorporating cover for Property – Commercial and Home, Liability,Motor, Machinery Breakdown and Inland Marine
- A complementary Livestock product underwritten by Markel a Lloyd’s Syndicate to cover stock losses and accidents.
- A new SME Commercial Package by the Canopius Lloyds syndicate with limits of up to $6m for property and $20m liability limit of indemnity.
Mr Bond said the company would continue to offer both online and personalised service for its brokers.
About AllstateAllstate is part of The Envest Group, a subsidiary of a global insurance distribution platform, The Ardonagh Group, headquartered in London, UK.Allstate is an AFSL holder (239010) and a Coverholder at Lloyds. Allstate acts under binder authority with certain underwriters of Lloyds and HDI Global Specialty SE. Allstate acts as an agent for the insurer and provides general advice only and does not consider any person’s particular objectives, financial situation or needs. To obtain an insurance quote for any of the Allstate Underwriting Agencies Pty Ltd products, please contact your local broker.
About LloydsLloyd’s is the world’s leading marketplace for commercial, corporate and specialty risk solutions. Through the collective intelligence and expertise of the market’s underwriters and brokers, we’re sharing risk to create a braver world.The Lloyd’s market offers the resources, capability and insight to develop new and innovative products for customers in any industry, on any scale, in more than 200 territories. It’s made up of more than 50 leading insurance companies, over 380 registered Lloyd’s brokers and a global network of over 4,000 local coverholders.
