QBE, Steadfast and Proteus Marine Insurance have formed a strategic partnership to serve the commercial marine sector from May 1.

The tie-up will bolster NM Insurance-owned Proteus’ offering, with new business development underwriters focused on supporting the Steadfast network. QBE provides the security.

Proteus will be the underwriting agent for QBE on Steadfast brokers’ new business.

“QBE and Steadfast have a strong working relationship and I am sure this venture will build on the strength of both companies to further our expansion into the commercial marine market,” Steadfast CEO and MD Robert Kelly said.

QBE EGM Intermediary Distribution Jason Clarke is confident the partnership is a win-win.

“This is a great opportunity for QBE to work collaboratively with Proteus and Steadfast to deliver an exceptional end-to-end customer experience for the marine sector in Australia, lending QBE’s global expertise in marine insurance to the offering,” he said.

The move follows the announcement in February that Vero and CGU would transfer their marine insurance portfolios to their joint venture company NTI, making it the market leader.