Ag Guard will manage underwriting for IAG-owned CGU and WFI’s crop portfolios from next June. 

The specialist rural underwriting agency has a similar partnership with IAG New Zealand’s NZI brand that started this year. Since 2021 it has offered QBE’s Elders Insurance rural products.

“We are delighted to expand our relationship with IAG, and to forge an exclusive partnership with the intermediated business in Australia,” Ag Guard CEO Alex Cohn said.

“We look forward to developing comprehensive, innovative and tailored insurance solutions to support the evolving needs of CGU and WFI’s rural customers.”

IAG says Ag Guard is a technology-led business with rural underwriting expertise and market-leading platforms enabling seamless quoting, binding and claims handling.

CGU and WFI Insurance CEO Jarrod Hill says the partnership “is a significant step forward in our growth ambitions … Through Ag Guard’s advanced technology and specialist crop underwriting expertise, we aim to deliver comprehensive pricing and underwriting, enhanced risk selection and an immediate uplift in digital capabilities, providing our brokers, partners and customers with an innovative and expansive agri-offering.”  

IAG has informed broking partners of the Ag Guard partnership, under which the agency will handle crop claims.

The insurer has not provided details of remuneration arrangements for brokers. An IAG spokesperson says commissions will be reviewed in due course.

CGU stopped commissions on crop products in July 2023, having previously paid brokers 20% for every policy arranged.

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