12 Months of Rokstone Agriculture
Doesn’t time fly? It is hard to believe that it has been almost one year since our specialist US agriculture team began trading. With some fantastic figures backing up the brilliant work, Rokstone Agriculture has surely come a long way in the last 12 months.
Launched in early 2022, as the US market’s first online quote and buy facility for this class of business, Rokstone Agriculture brings capacity to the variety starved livestock market. The success of the first 12 months demonstrates just how vital their expertise has been in these niche lines. The first year has witnessed:
$16,000,247 in GWP
Licensed in 44 states, approved for admitted business in 22 states
1335 policies written
Worked with 28 brokers
CEO Eric Conklin believes being data-driven has played a significant part in the success of the first year. He said, “Our specialist knowledge, use of technology, and access to quality data and capacity means we can provide broader, more relevant cover that’s secure and quicker than anywhere else.”
Until Rokstone Agriculture came along, brokers in the US were restricted to just one insurer in the market offering terms of broad livestock cover that included core as well as niche risks. Now, coverage is available on an admitted and non-admitted basis, with delegated authority A-rated capacity for niche livestock business.
The one-year-old platform gives brokers full control to quote, bind and manage endorsements online - an unprecedented move in such lines of business. Any initial concerns were quickly quashed as the new team took the market by storm.
With five new livestock products providing broader, more flexible terms than any other coverage currently available, cover limits are up to $500,000 per animal and $20m per risk. The new products include:
Livestock Mortality - all risk cover for individually scheduled animals
Livestock Confinement, Pasture, and Feedlot - coverage for animals for specified perils
Livestock, Care, Custody, and Control Liability - coverage for non-owned livestock raised under a written feeding contract
Livestock Motor Truck Cargo Liability - coverage for livestock in transit
Livestock Auction Market Coverage - for animals sold through auction
Optimistic for the continued success of the platform, Eric said, “We are looking forward to consolidating our position in the market as we become more established.” With big plans for the coming years, Eric hopes to expand the Rokstone Agriculture team too, explaining, “We will grow the team and continue to broaden our appetite to bring the same choice and efficiencies to other niche areas of livestock business and in other territories.”
With such an impressive first year, what will the next 12 months look like for Rokstone’s specialist agriculture team? We, for one, can’t wait to see it.