About 60 staff will join Brisbane-based heavy motor specialist National Transport Insurance (NTI) as it undertakes a major expansion into the marine insurance market.

As reported in a Breaking News bulletin last week, 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.

CEO Tony Clark told insuranceNEWS.com.au Marine Protect will write marine cargo and hull.

“It is quite different to what we are used to, which is why we will be relying on the experts who are coming across,” he said. “What we bring into this is our claims record, incident management, service provision and innovative tech solutions.

“We will be looking to bring a great service model to the market, and things like Accident Assist will apply.”

Mr Clark says NTI has no plans to move into other niche areas “at this stage”.

Last year the company announced the formation of Yellow Cover, a mobile plant and equipment specialist which took over the portfolio of Lumley Insurance following its purchase by CGU parent IAG.

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.

Vero EM Corporate and Risk Managed Underwriting Andrew Kidd will lead Marine Protect, assisted by CGU National Underwriting Manager Marine Chris Kelsey and National Manager Marine Claims Mike Sullivan.