Allstate Underwriting forges new partnership with Mitsui Sumitomo Insurance in Australia

Sydney – Allstate Underwriting Agencies Pty Ltd (“Allstate”) and Mitsui Sumitomo Insurance Co., Ltd (“MSI”), a member of MS&AD Insurance Group, today announced a multi-year capacity agreement, marking the beginning of a strategic partnership to bring additional capacity to the medium, small and hobby farm sector.

This collaboration will support Allstate on its growth journey servicing the Farm-pack market, with a product designed specifically for the needs of small to medium farm customers. With farm property limits up to $7.5m per location and vehicle limits of $5m per policy, the partnership is intended to support Allstate’s growth aspirations in the Australian market.

Rodney Bond, Head of Commercial Operations of Allstate said: “MSI is a well-respected provider with a strong capital base and an emerging growth mindset. The partnership will provide us the support we need to continue to offer an outstanding proposition to our distribution partners and their customers, and with a mandate to grow our companies together in the Australian small, medium and hobby farming sector.”

“This partnership ensures our ongoing support to the agricultural sector and enables us to continue to innovate with coverages to deliver excellence in the sector,” Rodney added.

Allstate, a part of the Envest Group, has operated for 18 years, working with key broker partners nationwide. This new partnership is set to empower Allstate’s distribution network with an integrated farm pack solution specifically designed to service the sector.

David Hall, Head of Distribution for MSI said, “Supporting Allstate is the next phase of the execution of MSI’s growth strategy. To date, we have focused on identifying and supporting key top tier MGA’s in the Australian and NZ markets. Those MGA’s with clear growth and profitability plans and a long-term view of the sector. MSI’s excellent financial strength rating, local MGA expertise, delivered by the growing experienced dedicated MGA team, positions us well to be the partner of choice for MGA’s seeking local paper to assist in their growth aspirations. The Allstate team provides exactly what we are looking for in a partner, excellence in their underwriting discipline, strong sector experience accompanied by a focus on its brokers and customers.”