National Transport Insurance, the market leader in specialist heavy vehicle and equipment insurance, is changing its structure to become a joint venture for its owners, AMP General, CGU and Royal & SunAlliance.

The move, which was announced yesterday, sees the three insurers taking equal shareholdings in the new company and will allow NTI to meet the new APRA standards for general insurers.

A licensed insurer since 1986, NTI will act as the manager for new and current business on behalf of the joint venture partners, to ensure what CEO Wayne Patterson describes as “the best levels of service for our intermediaries, repairers and the wider transport community”.

Mr Patterson was careful to reassure intermediaries that they’ll notice very little as a result of the restructure. “They have given their support to the changes on the basis that the current levels of products and services remain unchanged.”