Suncorp’s Vero says it aims to deliver 10 new products to the broker-distributed market by the end of 2028 in a phased specialty lines expansion.

Vero Specialty Lines launched last week with an equipment breakdown product covering repairs and loss of profit, and it will grow next year with higher-hazard property and higher-hazard liability.

The product launch is Vero’s first in more than 10 years and follow’s Suncorp’s transition to a pureplay insurer after the sale of its bank this year.

Suncorp commercial and personal injury chief executive Michael Miller told an investor day earlier this month that specialty lines will create smaller products “closely adjacent” to the current offering.

High-hazard property will reflect businesses with more complex risk profiles, rather than those exposed to higher natural hazard losses.

“These are risks that we write today but decline over 70% of opportunities due to the time it takes to underwrite these risks adequately,” he said.

“We will also look to have separate reinsurance treaties sitting behind these products to reduce volatility.”