Tower Insurance has entered a referral agreement for Club Marine’s pleasurecraft insurance customers which it says could bring it an additional $NZ8 million ($7.62 million) in gross written premium.

Club Marine, which is owned by Allianz, pulled out of the New Zealand market in October.

Tower will offer boat insurance policies to Club Marine’s New Zealand customers on renewal, as well as launch a new pleasurecraft boat insurance product to the New Zealand market.

Tower CEO Blair Turnbull says the expanded suite of cover will “deepen customer relationships and increase loyalty”.

"New Zealand is surrounded by coastline and there’s a definite love affair with boats, so it’s great that these customers will have the support of a team who know New Zealand,” he said.

Securing agreements like this is “a fast and efficient way to accelerate customer and premium growth with minimal additional expense”.

Tower also acquired Youi’s New Zealand portfolio in January.

“We’re very well placed to find and secure these types of bolt-on growth opportunities that deliver shareholder value and help us achieve the maximum benefits from our new technology platform," Mr Turnbull said.