Zurich will provide capacity for NM Insurance from July 17, after the underwriting agency’s relationship with AIG came to an end.

Zurich says the NM portfolio – which includes pleasure craft, marine trades liability, boating industry commercial insurance, and motorcycle and caravan insurance – “brings scale to [our] offering in the Australia and New Zealand markets”.

Head of Motor and Marine for Zurich Australia & New Zealand Matthew O’Sullivan says the NM product suite is “directly aligned” with Zurich’s global marine strategy.

NM, of which Steadfast is a major shareholder, says the relationship with AIG ended “by mutual agreement”.

“We are pleased to further extend our alliance with Zurich, in addition to our recent announcement of their support for Proteus Marine in New Zealand,” NM CEO Lyndon Turner said.