What's Happening?
iFarm Underwriting, a Rokstone-owned Managing General Agent (MGA), has secured a five-year capacity commitment through the Accelerant Risk Exchange, with long-term support from Hadron UK. This agreement will provide iFarm with capacity for its farm combined, farm focus, and property owners’ select portfolios. The deal also grants iFarm access to a broad panel of A-rated carriers, enhancing its ability to serve the UK agricultural market. Lee Ellis, head of iFarm, highlighted the significant transformation the company has undergone over the past two years, including investments in specialist underwriters and system improvements. These changes have driven growth in iFarm's client base and broker network, with improved service levels being a key factor.
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Why It's Important?
The five-year capacity deal is crucial for iFarm Underwriting as it solidifies its position in the UK agricultural insurance market. By securing long-term support from Hadron UK and access to A-rated carriers, iFarm can continue to expand its offerings and improve service delivery. This partnership reflects a commitment to investing in the future of UK farming and rural enterprise insurance, which is vital for the sustainability and growth of the agricultural sector. The deal also underscores the importance of strong broker relationships and sector expertise in driving business success.
What's Next?
With the new capacity deal in place, iFarm Underwriting is poised to further enhance its service offerings and expand its market presence. The company will likely focus on leveraging its improved systems and processes to deliver superior service to its customers and broker partners. Continued growth in gross written premium (GWP) is expected as iFarm capitalizes on its strengthened position in the market. The partnership with Hadron UK may also open up opportunities for further collaborations and innovations in agricultural underwriting.
