Mustard Underwriting and Sovereign Insurance Australia will launch home and contents, landlord and motor products under a new exclusive partnership.

Mustard Co-Founder and Global Head of Partnerships Jon Calverley says it is just the start of a new product rollout, as the Sovereign deal ensures capital and underwriting support for a range of bespoke personal lines covers in Australia and New Zealand.

“Many, many more” are to follow, he says. “We want to challenge the traditional markets and provide consumers with value for money, ease to transact at the right time in their decision-making process, and ultimately provide an acceptable, credible alternative.

“Securing long-term personal lines capacity isn’t easy, so having this endorsement from the team at Sovereign is very humbling.”

Mustard launched in April last year, offering risk protection for the sharing economy and embedded solutions to digital platforms. Under an agreement with Apollo Syndicate Management’s ibott 1971, the Sydney underwriting agency targets ride sharing, on-demand delivery, accommodation sharing, and vehicle and service sharing markets.

Mr Calverley and CEO Stuart Byars say the Sovereign deal is “fantastic for all stakeholders”. 

“We both share a vision of ambitious, sustainable growth which supports the growing digital community.” 

“The collaboration between Sovereign and Mustard leverages decades of risk management experience, sophisticated systems and an appetite for emerging risks,” Sovereign CEO and AWN MD Damian Chadwick said. 

“Jon and Stuart have the pulse of the market and a passion for delivering effective insurance solutions to their clients. Mustard is an excellent partner and will play an integral role in our expansion strategy.”