Two insurance heavyweights have forged an agreement with a commercial heavy motor insurance specialist to create Australia's leading marine insurance specialist.
The deal will see CGU and Vero, which jointly own and underwrite NTI on a 50:50 basis since 2001, transferring its marine insurance portfolios to the truck insurance specialist, creating Marine Protect: Powered by NTI.
Marine specialists from CGU and Vero will move to NTI's Marine Protect from April 2017. The joint venture will be headed by Andrew Kidd of Vero, with senior leadership support provided by Chris Kelsey and Mike Sullivan, both from CGU.
Want the latest insurance industry news first? Sign up for our completely free newsletter service now.
“As always with NTI, we are committed to providing a leading product suite, exceptional service, and best-in-class claims services to our intermediary partners and customers – Marine Protect will be no exception,” said NTI CEO Tony Clark.
Ben Bessell, IAG Australian business division CEO, said: “Our experience with NTI has shown that the joint venture provides an opportunity to create superior value to customers and partners in niche areas.”
Anthony Day, CEO Insurance, Suncorp, said NTI's “excellence in claims, internal expertise, a specialist focus and innovation in electronic delivery, and customer service” makes it “the natural home for bringing the two marine businesses together.”
“NTI is already a leader in delivering insurance solutions for the heavy motor and logistics industries and it will now become the truly definitive holistic freight logistics insurer in Australia,” Day said.
NTI seeks to draw attention to truck fires
Aussie insurer NTI announces new product
NTI to support people with MND in new partnership