NM Insurance has expanded its commercial marine offering with the launch of the new brand, Proteus Marine.

CEO Lyndon Turner told insuranceNEWS.com.au that while the sector has suffered instability in recent years, the business has the staff and expertise to succeed.

He says the company’s Nautilus Marine brand has “only dipped its toes” in commercial waters, and the new venture aims to bring in significant levels of additional business.

“The time was right and it follows a similar development in New Zealand that has been very successful for us,” he said.

“It was always a key strategy to come into this side of the market in Australia. The opportunities are there and we have the support of our Lloyd’s syndicate.”

Proteus will focus on marine cargo, liabilities and commercial hull, providing products and claims services as well as risk management via insurance brokers across Australia.

Underwriting Manager Australia David Hoffman – who has been recruited from Liberty International – will oversee Proteus underwriting, while Claims Manager Industry Lines Peter Latemore will lead claims.

Nautilus Marine will now focus solely on the pleasurecraft market.