“Allstate gains additional capacity for rural, regional products” refers to the fact that Allstate, the insurance company, has acquired additional resources and support to bolster its offerings in the rural and regional markets. This capacity expansion allows Allstate to provide more comprehensive and tailored insurance products and services to customers in these specific areas, addressing their unique needs and challenges.
By strengthening its capabilities in rural and regional markets, Allstate aims to better serve customers in these communities and contribute to their financial protection and security.
Allstate has obtained additional capacity to support its rural and regional products. This expansion enables the company to provide enhanced insurance coverage for farmers, small business owners, and other customers in rural and regional areas.
The increased capacity has been secured through partnerships with the Lloyd’s market and other insurance underwriters. Allstate’s focus on rural and regional markets, along with this additional support, demonstrates its commitment to meeting the specific needs of customers in these areas.
Allstate Underwriting Agency has obtained additional backing from the Lloyd’s market to underwrite its farm package, introduce a livestock product, and launch a new SME commercial package tailored for rural and regional businesses.
Rodney Bond, the CEO, expressed his satisfaction in providing additional capacity to the Australian market, particularly when insurance support for farmers and small business owners in regional Australia appears to be more scarce than ever.
Allstate, established in 2008, has primarily concentrated on rural and regional markets. It operates under The Envest Group, a subsidiary of Ardonagh, a UK-based company.
Mr. Bond mentioned that securing Lloyd’s support for their products, with the assistance of The Ardonagh Group, the major shareholder of Envest, enables them to expand their farm insurance portfolio once again.
The farm package product, backed by various Lloyd’s syndicates and HDI Global Specialty SE, encompasses commercial and home property, liability, motor, machinery breakdown, and inland marine coverage.
Underwritten by Lloyd’s syndicate Markel, the livestock product provides coverage for stock losses and accidents.
Supported by the Canopius Lloyd’s syndicate, the new SME commercial package offers limits of up to $6 million for property coverage and $20 million for liability coverage.
Source : insurancenews.com.au