Farmer-owned co-operative Fram Farmers has launched a dedicated insurance subsidiary.
The co-op entered the insurance sector in 2015 as Fram Farmers N-sure and has reported a successful first three years, with cover provided to 10% of its members.
In a bid to build on that success, the co-op has launched Fram Farmers Insurance Services (FFIS) – a wholly owned subsidiary.
A spokesman for the co-op said the business believed further significant growth was possible in the insurance sector.
Consequently, Fram is making insurance a core member service, alongside other key inputs such as crop protection products, fertiliser, machinery, fuel, electricity and livestock products, the spokesman said.
The new insurance arm will provide bespoke products for the 1,200-plus co-op members and has been set up in partnership with broker Scrutton Bland.
Formed in 1919, Scrutton Bland is privately owned and holds long-established relationships with clients engaged in farming and associated business, Fram Farmers’ spokesman explained.
Fram Farmers Insurance Services will be headed by Nick Hindle, the group’s current financial controller, who said the move reflected increasingly diverse farm business models.
“As our members increasingly develop additional enterprises to enhance their income from core farming activities, it is vital that the right covers are in place to reflect these changes and protect their livelihoods,” Mr Hindle said.
Cover will also be offered for directors’ liability, engineering, hail damage and business interruption.