Magenta signs capacity deal with Zurich for MNW home insurance

Magenta, part of DUAL UK, has announced that it has signed a new deal with global insurer Zurich to provide capacity for its mid-net-worth (MNW) home insurance product.

The MNW home insurance market has faced persistent challenges of under-insurance and incorrect cover.

With inflation and rising values of high-end items, individuals often find their existing specialist policies no longer provide adequate protection. As valuable items like antiques, jewellery, and fine art are passed down to new owners, standard policies frequently fall short in covering these specialist items.

David Reid, Chief Executive, Magenta, said, “I’m delighted that partnering with Zurich will allow Magenta to provide brokers and their clients with greater confidence and peace of mind when it comes to protecting their homes.

“Magenta has a wealth of underwriting experience in residential property and our well-established, comprehensive MNW home insurance policy continues to grow in popularity. A significant number of insurers have moved away from offering this cover in recent years, largely due to the commercial demands of brokers who require tailored underwriting assessment. Magenta’s expertise in specialty residential underwriting combined with our bespoke trading platform, has helped deliver an impressive underwriting performance year-on-year.”

David Nichols, Head of P&C Retail, Zurich, added, “Our specialist insurance portfolio has grown rapidly this year and our latest collaboration with Magenta is testament to the strength of our longstanding partnership with the wider DUAL group.”