Zurich Australian Insurance Limited will be providing capacity for NM Insurance Pty Ltd’s portfolio of boating and recreational products across Australia and New Zealand under a new binder agreement effective July 17.
The deal comes hot on the heels of NM brand Proteus Marine Insurance expanding into New Zealand with the help of Zurich.
“We are pleased to further extend our alliance with Zurich, in addition to our recent announcement of their support for Proteus Marine in New Zealand,” said NM chief executive Lyndon Turner.
The new agreement features capacity for pleasure craft, motorcycle, caravan, and boating industry commercial lines. According to Zurich, the underwriting agency’s portfolio will bring scale to the insurer’s proposition in the Australia and New Zealand markets.
“We are excited to be working with NM in an agreement that enhances our marine offering and allows us to enter new lines and products,” commented Sean Walker, chief underwriting officer for general insurance at Zurich Australia & New Zealand.
“We each have a strong track record in marine and a complementary set of core strengths that will ensure success.”
Meanwhile Turner cited Zurich’s global strength, stability, and commitment to the two markets.