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.”
Noel Condon, 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.
“Lyndon Turner and his team are industry professionals. Their innovative spirit and commitment to delivering exceptional customer service were major attractions for us.”
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