Allianz has severed its multi-peril crop insurance underwriting agreement with Latevo International.

“We have a new underwriter but we cannot name [it] at this point,” Latevo CEO Andrew Trotter told insuranceNEWS.com.au.

“We will be naming it in the coming weeks.”

The move comes as Allianz-owned Primacy Underwriting Management launches its own multi-peril crop insurance.

Its PrimeGuard product offers limited-release cover for broadacre farmers in non-drought-affected areas. It covers perils beyond the standard fire and hail risks. 

Primacy MD Bernie Mayers told insuranceNEWS.com.au it offers a comprehensive and affordable product underwritten by Allianz.

“Broadacre farmers are facing increased risks from variability in climatic conditions,” he said. “PrimeGuard provides growers with a degree of certainty in an ever-changing environment.”

Mr Mayers says insured perils include drought, excessive rainfall, frost, wind and wildlife damage.

“Following two years of extensive consultation with our brokers and policyholders, we are confident PrimeGuard will provide broadacre growers with the protection they need, and when they need it most,” he said.

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