Agricultural insurer posts 30% GWP growth
Rural Insurance has reported a 30% year-on-year increase in gross written premium (GWP) to £27.5m, and revealed plans to grow its schemes business.
Rural managing director Simon Stevens (pictured) said the Harrogate-based agricultural insurer was on track to double in size and become a top three specialist by 2015.
He said: “We hit an all-time record GWP monthly turnover of £2.7m in November, which followed a record month for new business in October, where we traded over £800,000 GWP.”
Stevens said new broker relationships, up 55% from 103 in 2011 to 160 last year, had increased trading growth.
“We have also substantially increased our headcount, by 18%, to manage business growth, most recently with the hire of ex-Aviva underwriter Simon Dixon, who is based in the agricultural heartland of Cumbria,” he said.
Rural switched capacity provider from Ageas to QBE, which Stevens said had gone “very smoothly”.
The insurer is also targeting 500% growth in agri-schemes in 2013. “Our parent company UK General has a fantastic schemes heritage, and we think schemes could be a massive growth story for our sector.
“We have already written schemes for smallholders, equine and horseboxes since we started trading in 2012, and feedback from brokers is extremely positive.”
Stevens said Rural had taken a “counter-intuitive decision to build a local presence while other providers were retreating to hubs”.
He added: “Our experience is that being local pays off - customers and brokers appreciate expert knowledge, and the ability to make underwriting decisions on the spot. That is why we are recruiting four development underwriters, based in local offices and plugged into the local farming community.”
The company plans to hire another regional sales manager to build Rural’s presence in the South East, and will also beef up the business development team to grow the schemes book.
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