Allstate expands capacity in Australian market through Lloyd’s syndicates
Allstate expands capacity in Australian market through Lloyd’s syndicates | Insurance Business Australia
Insurance News
Allstate expands capacity in Australian market through Lloyd’s syndicates
Move enables company to support farmers and small business owners
Insurance News
By
Roxanne Libatique
Allstate Underwriting Agency (Allstate), part of the Envest Group of companies, has secured support from Lloyd’s of London (Lloyd’s) syndicates to expand its capacity in the Australian market.
Beginning on June 05, 2023, Allstate has started underwriting and distributing:
a farm package product supported by several Lloyd’s 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; and
a new SME commercial package by the Canopius Lloyd’s syndicate with limits of up to $6 million for property and $20 million liability limit of indemnity.
Helping farmers and small business owners
Since its launch in 2008, Allstate has focused on providing regional and rural insurance brokers with specialised farm package insurance.
Allstate 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.”
Expanding into the SME sector
With the help of its brokers relationships, Allstate is delivering on its plans to expand 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 Lloyd’s, we are confident that we can help our brokers protect their clients from disaster and ensure the fast and fair payment of claims.”
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