AMP has sold its equal-third share in National Transport Insurance (NTI), allowing CGU and Royal & SunAlliance to become equal partners in one of Australia’s most profitable specialist insurers.

NTI’s CEO, Wayne Patterson, said AMP made its decision to move out of general insurance common knowledge over the past year. AMP’s stake in NTI was split and offered to the other two partners. The new arrangement is seen as good for NTI, and demonstrates the growing specialist insurance market.

Mr Patterson said specialist insurance providers which are also “segment leaders” are flourishing. “NTI currently holds 30% of the truck insurance market in Australia and we are forecasting this to increase by 10% over the next three years.”

CGU and R&SA both have interests in other specialist insurers, including AAMI, Australian Pensioners Insurance, Swann Insurance and Associated Marine.