Globalfarmers crash costs insurer 650k

18 October 2001



Globalfarmers crash costs insurer 650k

Thursday, 18 October, 2001

By FWi staff

NFU MUTUAL, the biggest agricultural insurer, is set to lose up to 650,000 in the collapse of the online agricultural trading platform Globalfarmers.com.

A report from receivers Ernst & Young lists an unsecured loan of 650,000 from the NFU Mutual.

A spokesman for the insurer reassured clients: “It was a pretty small investment in terms of the groups total asset value of 7 billion.

“Farmers who insure with us do not need to be concerned – it will not impact on premiums next year.”