Vero Insurance has entered into an exclusive agreement with Suncorp to take over its intermediated commercial marine insurance business.

The sale of the business places Vero as “the No 1 Australian-owned company for locally intermediated commercial marine insurance”, CEO Duncan West said.

Vero will offer renewal of commercial marine insurance to Suncorp policyholders when their current policies expire. The agreement relates to cargo in transit, hull and marine liability insurance.

Mr West says the expansion complements Vero’s existing expertise in its marine specialist area.

“With a limited pool of marine underwriting skills in the insurance market, this agreement allows Vero to continue to offer leadership, innovation, expertise and knowledge for the marine industry in Australia.”

Vero will also provide ongoing technical advice and assistance for the Suncorp policies.