NTI expands product suite to marine insurance

Heavy motor and logistics specialist insurer National Transport Insurance (NTI) has entered in an agreement with IAG’s CGU and Suncorp’s Vero to create Australia’s leading marine insurance specialist – Marine Protect: Powered by NTI.

CGU and Vero, which jointly own and underwrite NTI, will transfer their marine insurance portfolios to the joint venture to create Australia’s leading marine industry specialist, to be known as Marine Protect. Marine insurance specialists from CGU and Vero will move across to NTI April 2017 onward.

Tony Clark, CEO of NTI, said it was an exciting day for the company. “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.”

Marine Protect will be led by Vero’s EM Corporate & Risk Managed Underwriting Andrew Kidd with senior leadership support provided by Chris Kelsey (CGU) and Mike Sullivan (CGU).

Ben Bessell, IAG’s CEO Australian Business Division, says NTI provides an opportunity to create “superior value to customers and partners in niche areas”.

And Anthony Day, Suncorp’s CEO Insurance, says NTI’s “DNA” makes it the natural home for Suncorp’s marine business.

“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,” he said.

Clark says NTI will contact intermediaries in the coming weeks to provide more detailed information and support.