Managing general agent Magenta Insurance, which is part of Dual Corporate Risks, has signed a new capacity deal with Zurich, which is now in place for new business and renewals, to support its mid-net-worth prestige home insurance proposition.

The prestige proposition offers worldwide all risks cover for rebuilds with values ranging from £450,000 to £2m and for contents with values ranging from £75,000 to £300,000.

Magenta said underinsurance continued to plague the mid-net-work market, driven by inflation and sharp increases in the value of many high-end items.

David Nichols, head of P&C retail, Zurich UK, said: “Our specialist insurance portfolio has grown rapidly this year and our latest collaboration with magenta is testament to the strength of our longstanding partnership with the wider Dual group.”

Last month, Dual UK announced a five-year capacity deal led by Zurich, along with Liberty and other A+ rated capacity to support its new regional commercial combined product.