NM Insurance and AIG Australia and New Zealand have formed an underwriting relationship.

AIG will be underwriter for leading products and services under the Nautilus Marine brand in Australia and the NM Insurance brand in New Zealand, featuring recreational pleasurecraft, charter craft, marine liability and business insurance for the recreational boating industry.

AIG will also support NM Insurance New Zealand’s motorcycle cover lines.

NM CEO Lyndon Turner says the company, which is 70% owned by Steadfast, has enjoyed a “very professional and progressive relationship with Lloyd’s… our partner syndicate for many years”.

“However, it was agreed and considered at board [level] this was the right movement forward for our company,” he said.

The new arrangement’s “cross-border and cross-product opportunities” will lift the NM business, he says. “There are a number of product developments already under way, and we look forward to working with our business partners when we are ready to release these initiatives.”

AIG Australia CEO Noel Condon says the company is “looking forward to… extending our full product capability to NM customers”.

The new program is effective from October 1.