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CGU and Vero transfer marine insurance portfolios to NTI

IAG’s CGU and Suncorp’s Vero have today announced an agreement with NTI to create Australia’s leading marine insurance specialist – Marine Protect: Powered by NTI.

With over 40 years of experience, NTI is a leading specialist insurer delivering solutions for the heavy motor and logistics industries. CGU and Vero jointly own and underwrite NTI on a 50:50 basis. 

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.”

Ben Bessell, Chief Executive Officer Australian Business Division, IAG 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, “The ‘DNA’ of NTI – excellence in claims, internal expertise, a specialist focus and innovation in electronic delivery and customer service– makes the company 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.”

From April 2017, marine insurance specialists from CGU and Vero will move to NTI’s Marine Protect.  Marine Protect will be led by Andrew Kidd (Vero), with senior leadership support provided by Chris Kelsey (CGU) and Mike Sullivan (CGU). 

All three organisations are working together to ensure key relationships stay in place and intermediaries and customers continued to be serviced by the same experienced teams.

NTI will be contacting intermediaries in the coming weeks to provide more detailed information and support.