Rural specialist Ag Guard is to launch a fire and hail broadacre insurance product on the Sunrise Exchange platform.

It will be the new agricultural underwriting agency’s first offering since it signed an agency and claims services agreement with Munich Re subsidiary Great Lakes Australia.

The partnership with Great Lakes paves the way for NSW-based Ag Guard to underwrite products in the rural space. Ag Guard was established in 2013 as a brokerage, servicing farmers and the wider agricultural sector.

MD Alex Cohn, who founded the business, will oversee crop underwriting, insurer and broker relationships and strategy to grow the business, the Ag Guard website says.

In a separate announcement, PSC-linked UK private equity investor BP Marsh & Partners has invested $1.47 million in Australian holding company Agri Services, which in turn is acquiring Ag Guard for an undisclosed price.

BP Marsh, which now holds a 36% stake in Agri Services, has agreed to pay a further consideration of up to $1.13 million under the investment agreement.

The UK investor has previously flagged plans to grow its business in Australia.

PSC last year invested £18.5 million ($32.7 million) in the London-listed investor, taking a 19.8% stake in the business.