How good is a fully backed and secure Aussie Farmers Mutual? Finally!

Aussie Farmers Mutual has had a busy start to the year, from the outside it might seem that we have gone quiet, but we are excited to tell you that things are happening!

Secure Backing

We are very pleased to announce that we have in place a verbal agreement with private wealth funds to back Aussie Farmers Mutual. This backing will act as a guarantor to the mutual and also capital investment into the mutual so that we can address our current shortfalls.

This is an incredibly exciting development that has been over two years in the making as we transitioned together from an insurance product to a mutual. Now we will be a mutual, owned by its members, with backing that makes Farm Income Protection as secure as insurance.

Next Steps

The process of finalising agreements has begun and we expect the backing will be in place by early June 2021. Why such a lengthy process? As with all foreign investment, we require approval from the Foreign Investment Review Board (FIRB) and until this is completed we cannot formally confirm we are fully backed. We expect that by the time you finish sowing your 2021 crop Aussie Farmers Mutual will have backing in place.

Time to launch!

Our confidence that this backing will go ahead is very high, and we have delayed communicating with our members until such time as we could give some certainty. We are now 80% confident that by the end of July 2021 Aussie Farmers Mutual will be fully backed and able to meet future claims as well as current shortfalls. With that level of confidence we feel it is well and truly time to launch our 2021 program.

What if?

While our confidence is high that Aussie Farmers Mutual will be fully backed by the end of July 2021, we understand that 80% is not 100%. With that in mind we felt it was important to launch the 2021 program with the condition that if for any reason the backing of the mutual is not in place by the end of July, you are able to back out of the 2021 program with no questions asked.

Are you ready for 2021 Farm Income Protection that is fully backed?

Wanting a quote? Here’s what you need to do:

Current Members: thank you for your ongoing support, we will send you a quote for 2021 by the end of April. The quotes will be based on your 2020 hectares, unless you have already updated your Latevo Maps for 2021, and your 2020 Income Assessment. Due to the new backing arrangement your five year agreement will need to be re-set.

Not a member of Aussie Farmers Mutual: please complete our online Expression of Interest form to get the ball rolling. Your initial quote will be for Category One at your District (Shire) Average and you will have the opportunity to complete your Individual Average if you are looking for higher levels of cover.

2021 Early Bird Special

Want an offer of cover for 2021 at a discounted rate? Make sure you receive a quote before 29 April 2021, and that you sign and return your Request to Bind Cover within 14 days of your quote being issued. Prices will increase by 20% on 30 April 2021, so now is the time to act! Get cover in place for 2021 in Aussie Farmers Mutual that will be securely and sustainably backed.

Andrew Trotter | CEO