Agricultural underwriting agency 360 Farm & Regional says QBE will be its sole capacity provider for all new and renewal business starting on January 1 next year.

The new partnership represents an “exciting and significant change” for the business as it looks to grow its books, the agency says.

“Having a leading Australian insurer providing our products will enable us to expand our farm portfolio, establishing a platform for future growth,” it said.

“We are excited to begin this carefully planned journey which will provide additional local capacity to insureds at a time when capacity is challenged.

“We believe this will further enhance the credentials of 360 Farm & Regional as a genuine market for brokers seeking solutions in this segment.

“360 Farm & Regional looks forward to providing even greater communication, support and service as we begin this new partnership journey with QBE Insurance (Australia) Limited.”

The agency did not say who its previous capacity providers were. A 360 Farm Policy product disclosure statement and policy wording document that came into effect last month has certain Underwriters at Lloyd’s and QBE Insurance Australia as joint underwriters. A similar statement for its Bed and Breakfast product also has the same underwriters listed.

360 Farm & Regional, an agency that is part of 360 Underwriting - which was acquired by AUB earlier this month – specialises in Farm and Bed and Breakfast insurance to regional Australia.

Its two core products are the 360 Bed & Breakfast Protection Policy and 360 Farm Protection Policy.