Miller has announced the launch of a new life insurance product designed for farmers facing recent changes to inheritance tax rules for agricultural assets.
The product, called Succession Insurance, is intended to address the challenges brought by the government’s cap on inheritance tax relief, which was introduced in the autumn budget.
The new inheritance tax policy has created obstacles for farmers seeking to pass their businesses to the next generation. Industry estimates suggest that up to 70,000 UK farms could be affected, with potential job losses exceeding 200,000 and an estimated £1.9 billion reduction in Treasury revenue.
Succession Insurance aims to provide UK farmers with more accessible life cover, offering premiums that are on average one-third lower than standard products. The product will be distributed in partnership with the Country Land and Business Association (CLA), reaching the CLA’s network of 26,000 landowners, rural business owners, and professionals.
“We are proud of the role insurance can play in supporting British farmers and addressing some of the financial concerns faced by the farming community, helping protect both rural jobs and support farm succession,” said Steven Rance (pictured above), Miller’s head of strategy and innovation.
Rance said that the collaboration with the CLA is intended to make the product available to as many landowners and businesses as possible in England and Wales, offering a dedicated solution to pressures from rising inheritance tax.
“The CLA continues its fight against these proposals, but considers it prudent for landowners to prepare for the future whatever it may bring,” said Victoria Vyvyan, president of the CLA.
She noted that CLA members already have access to a variety of advice to support their succession-planning needs.
Earlier this year, Miller expanded its presence in Asia by appointing Tam Hui Von as a reinsurance broker in its Singapore office. Tam brings more than a decade of experience in the insurance industry, with a background in facultative and treaty reinsurance as well as specialty construction risks.
Miller also completed the integration of its Spanish operations, retiring the Bruzon Miller brand. This move aligns with the company’s broader strategy to streamline its European presence and deliver unified service offerings to clients across the continent.
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