Brisbane-based heavy motor specialist National Transport Insurance (NTI) is to undertake a major expansion into the marine insurance market.

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.

From April, marine insurance specialists from CGU and Vero will move across to NTI.

Marine Protect will be led by Vero’s EM Corporate & Risk Managed Underwriting Andrew Kidd.

CGU’s National Underwriting Manager Marine Chris Kelsey and National Manager Marine Claims Mike Sullivan will provide senior leadership support.

“We are committed to providing a leading product suite, exceptional service and best-in-class claims services to our intermediary partners and customers,” NTI CEO Tony Clark said this afternoon.

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.

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

More details in our regular bulletin on Monday.