Underwriting agency NM Insurance today announced a new deal for Zurich to provide capacity for its boating and recreational product portfolio.

NM, of which Steadfast is a major shareholder, previously had a successful relationship with AIG which is ending “by mutual agreement”.

The new binder agreement with Zurich starts on July 17, with the insurer describing it as “an important pillar” in its “go-to-market strategy”.

Zurich says the NM portfolio – which includes pleasure craft, marine trades liability, boating industry commercial insurance, and motorcycle and caravan insurance – “brings scale to [our] offering in the Australia and New Zealand markets”.

As insuranceNEWS.com.au has reported, Zurich last month also supported the expansion of NM’s Proteus Marine brand in New Zealand.

Head of Motor and Marine for Zurich Australia & New Zealand Matthew O’Sullivan says the NM product suite is “directly aligned” with Zurich’s global marine strategy.

“This agreement provides our customers access to new and unique solutions for their risks,” he said.

“As one of the leading marine insurers, both locally and globally, we are delighted to share insights and experience with NM, a well-established market leader in this segment of the market.”

NM CEO Lyndon Turner says the partnership will support growth.

“We are pleased to further extend our alliance with Zurich, in addition to our recent announcement of their support for Proteus Marine in New Zealand,” he said.

Mr Turner told insuranceNEWS.com.au there was “a mutual agreement between AIG and NM Insurance to cease the relationship”.

“For NM, the choice for Zurich was based off their commitment to NM’s broad range of products and services, including supporting our long term strategic goals and objectives for our business, clients, and business partners,” he said.