has announced that they have formed a “new underwriting relationship” with AIG
The new relationship will see AIG
underwrite products in both Australia and New Zealand under the Nautilus Marine and NM Insurance
brands in each country which includes pleasure craft, charter craft, marine liability and business insurance programs for recreational boating companies.
NM CEO Lyndon Turner
thanked Lloyd’s for their support as the former underwriter of the business and noted that the board had made the decision to go with AIG
for the development of the company.
“We have enjoyed a very professional and progressive relationship with Lloyd’s, and our partner syndicate for many years, however it was agreed and considered at board this was the right movement forward for our company,” Turner said.
Turner also noted that the partnership with AIG
will see his company able to develop a number of products to market.
“We look forward to this partnership moving forward, the cross border and cross product opportunities that AIG
are to support will assist our business moving forward,” Turner continued.
“There are a number of product developments already underway and we look forward to working with our business partners when we are ready to release these initiatives.”
, CEO of AIG
Australia, confirmed that the agreement to become NM Insurance
capacity provider will take effect on October 1 2015 and is looking forward to working with Turner and his team.
“We’re looking forward to developing a successful working relationship and extending our full product capability to NM Insurance
customers,” Condon said.
and his team are industry professionals. Their innovative spirit and commitment to delivering exceptional customer service were major attractions for us.”