Vero : Everything you need to know

Vero: Everything you need to know

Headquarters address: 266 George St L 28, Brisbane, Queensland, 4000, Australia
Year established: 2003
Size (number of employees): 600+
Areas served: Australia and New Zealand
Parent company: Suncorp
Underwriting expertise: Commercial insurance
Key people: Michael Miller, Group CEO Commercial & Personal Injury Insurance

Vero provides a range of commercial insurance to all types of businesses, from SMEs to larger corporations. Its portfolio of products includes small business insurance, professional liability insurance, surety bonds, motor fleet insurance, workers’ compensation, property insurance, and equipment breakdown insurance. It also offers coverage for recreational vehicles.

Vero offers its products exclusively through insurance brokers and authorised agents. It works closely with brokers and relies on their specialist advice to meet the varied needs of its clients.

 

History of Vero

Vero is a specialist provider of business insurance and one of the largest insurers in Australia. It traces its roots back to 1833, when UK-based Alliance Assurance established an office in Australia. Following a series of mergers over the decades, Sun Alliance Insurance and Royal Insurance merged to form Royal & SunAlliance (RSA) in 1992.

In 2003, Royal & SunAlliance announced a reorganisation in the Australia and New Zealand markets, changing its name to Promina. The general insurance business subsequently changed its name to Vero. It is currently part of the Suncorp Group, which is a major player in the Australian insurance industry.

Today, Vero provides commercial insurance and business packages for business from small to large across Australia, as well as professional and financial risks insurance, and workers’ compensation through GIO.

 

Vero in the news

  • 2003: Vero is formed following the reorganisation of Alliance Assurance
  • 2004: Vero acquires Aviation Office of Australia and Booker Aviation
  • 2004: Achieves A+ credit rating from Standard & Poor
  • 2005: Gains exclusive renewal rights over Suncorp's intermediated commercial marine business
  • 2006: Acquires 50.5% of the shares in Australian Surety (ASC) and its subsidiary New Zealand Surety Corporation
  • 2006: Vero launches affinity business unit
  • 2006: Acquires Australian Pacific Underwriting Agency
  • 2005: RM Advancer awards launched to recognise clients with outstanding performance in risk management
  • 2007: Promina Group and Suncorp Group merge
  • 2008: Vero is designated as Suncorp’s primary intermediated insurance brand
  • 2012: Vero becomes co-major sponsor of Brisbane Lions AFL club
  • 2012: Vero launches SME Insurance Index
  • 2016: Vero launches the Business Success Hub, providing information and advice for businesses
  • 2018: Vero launches its Risk Register tool, which helps brokers educate SME owners about business risks
  • 2018: Vero wins Bronze award in Insurance Business’s Insurer of the Year category, moving up four spots from the previous year
  • 2020: Vero claims Gold medal as the Insurer of the Year award in Brokers on Insurers survey
  • 2020: Vero unveils business recovery grant program for SMEs amid COVID-19 pandemic
  • 2021: Anthony Pagano, Vero’s head of commercial intermediaries makes it to Insurance Business’ Hot List
  • 2022: Anthony Pagano makes it back-to-back in Insurance Business’ Hot List
  • 2022: Vero ranks among the best in BDM support in Brokers on Insurers survey
  • 2023: Vero goes for gold at the Mansfield Awards
  • 2024: Vero’s unveils 2024 SME Insurance Index, the most positive broker report card yet

 

Leadership at Vero

Michael Miller, Group CEO Commercial & Personal Injury Insurance

Miller was appointed in September 2023. He is responsible for Vero Insurance, the intermediated commercial insurance brand and personal injury insurance which includes GIO workers compensation and Compulsory Third Party (CTP). Prior to this, Miller was the executive general manager (EGM), Commercial & Intermediated Insurance.

 

Culture at Vero

Vero has a long-standing association with sports. In 2011, it took over parent company Suncorp’s sponsorship of the Australian Rugby Union as well as the Wallabies national rugby team. The sponsorship came before that year’s World Cup competition in New Zealand. It featured the Wallabies in several of its advertising campaigns.

The insurer has also sponsored the Brisbane Lions Australian rules football club. It began the sponsorship in 2012 as sponsor of the coaching group, before becoming a major partner in 2013 to 2016. It then extended the sponsorship for two years as co-major partner, until the contract ended in 2018.

On the insurance and risk management fronts, Vero and sister firm GIO have hosted the RM Advancer awards since 2005. The awards recognise the strong risk practices of companies and organisations from across Australia and seek to inspire improvement in the risk management culture in the market. In the most recent edition, Rapid Plas, Aurizon, Collins Foods, and AKD Softwoods were the recipients of the awards.

Vero was also the strategic underwriting partner of the Underwriting Agencies Council (UAC) from 2011 until 2016. It was succeeded by QBE after Vero decided not to continue the partnership following a review of its sponsorships.

In February 2019, following flooding in Northern Queensland, Vero’s parent group Suncorp donated $200,000 to the Australian Red Cross to provide “flexible finance options” for residents that were affected by the harsh weather.

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