With Australia’s beleaguered rural sector lobbying for increased protection in the face of drought and weather event risks, the Gallagher acquisition of specialist AgriRisk positions us to better meet the needs of agribusinesses.
The country’s 88,000 farming businesses have been doing it tough under recent drought conditions and one industry group, GrainGrowers, has omitted multi-peril crop insurance (MPCI) from its annual review of insurance covers due to lack of market availability. A GrainGrowers representative says, “The reason is simple. MPCI is largely not available in the market this year.”
Gallagher is one of the few insurance brokers still providing MPCI, which is also one of AgriRisk’s specialisms, with one of the largest portfolios of broker-managed crop insurance across a range of crops including
AgriRisk has more than 25 years’ experience in the agricultural sector and caters to businesses of all sizes, with particular expertise in the production risks faced by larger operations such as
- large family-owned primary producers
- supply chain businesses
- investment and sovereign funds.
In addition to offering traditional insurance products, the acquisition enhances Gallagher’s ability to tailor non-traditional solutions such as index and derivative products.
Our global Chief Executive Officer and Chairman Pat Gallagher notes that the AgriRisk addition, with its client-centric focus, innovation in solutions and history of sector trust and confidence, is a strong cultural fit, as well as “significantly expanding our farm and agribusiness capabilities across Australia”.
The AgriRisk brand is to be retained, along with the Tamworth team’s location, and the existing North Sydney and Toowoomba teams relocated to Gallagher’s offices in both cities. John van der Vegt (pictured, right) continues to head up AgriRisk.
Chief Executive ‒ Australia Sarah Lyons adds “Gallagher has a strong demonstrated track record in the farm, crop and agribusiness space. AgriRisk builds out our existing value proposition further by bringing additional bench strength and innovative thinking to our client partnerships.
“What’s more, our enhanced agricultural sector presence connects with our broader specialty offering that includes Food Production and Transport & Logistics, providing clients with a seamless end-to-end experience and holistic strategic advice in the spaces they operate.”