Market Update: March 2023
Rokstone Agriculture, the US market’s first online quote and buy facility for this line class of business, continues to bring capacity to a marketplace where variety is hard to come by.
One year in, Rokstone Agriculture is an optimum choice for brokers feeling the squeeze of capacity constraints in an ever-hardening market.
The global livestock insurance market is growing, driven by a number of contributing factors such as;
Increased demand for food thanks to a growing population
More common concerns for animal welfare
The adoption of precision farming techniques with adaptive new technologies
General improved awareness of the financial risks associated with raising livestock.
Rokstone Agriculture coverage is available on an admitted basis across 31 US states and non-admitted basis 44 across US states, with delegated authority A-rated capacity for niche livestock business. Joshua Lauth, president of the new Farm and Ranch division, believes that the sector is very much underdeveloped and underserved - and we are here to change this.
Our team offers a diverse skill set and passion for the livestock and agriculture world. With over four decades of collective experience, our strong relationships with our capacity partners enable continuous innovation and defined support for broker-partner needs.
With Rokstone Agriculture, cover is offered for beef cattle, dairy cattle, poultry, and swine farms; including unique coverages such as contaminated feed and water, grazing poisoning, manure pit gas poisoning, suffocation - even human error, which few other carriers can provide.
In the current market, capacity is hard to come by due to several large CAT losses in the US in recent years. Rokstone Agriculture is working to bring new capacity to the market with our farm team, while also introducing a new product in the shape of Agricultural Property. Bringing such a product to market would enable Rokstone to offer comprehensive coverage for all aspects of farming operations.