Nautilus Marine Insurance Agency has changed its legal entity to NM Insurance, as it looks to offer a more diverse range of products.

However, CEO Lyndon Turner says the Nautilus brand, in use since 2005, will be “as strong as ever”.

“It is our primary trading brand in Australia and will continue to be the forward-facing brand to market on our pleasurecraft, commercial hull and marine industry infrastructure lines,” he told insuranceNEWS.com.au.

“However, we don’t trade under this brand in New Zealand and the change to NM Insurance as legal entity provides a flexible platform for growth, including diversification of our product suite.”

He offered no comment on what the “diversification” might entail.

Mr Turner also scotched rumours that underwriter Watkins Syndicate has ditched the company. He says the suggestion that has been circulating in the market is “a very long way from being factual”.

In fact, renewal negotiations between the two companies are at an advanced stage, with Watkins having been due to present terms last Friday.

“The partnerships we hold with underwriters here and in New Zealand are very strongly supported,” Mr Turner said.

Nautilus teamed up with Watkins in 2010 after its previous underwriter, Lumley Insurance, withdrew from the agreement.