Vero and CGU have ended their long-running dispute over joint venture truck insurance specialist NTI by agreeing to continue the partnership.

Parent companies Suncorp and IAG last week announced the two insurers had agreed confidential terms to "strengthen the existing joint venture agreement" in a deal that "makes commercial sense to both parties".

NTI is Australia's largest specialist truck insurer and is owned in a 50/50 joint venture between CGU and former Promina subsidiary Vero.

The arrangement came under legal scrutiny after Suncorp took control of Vero following the acquisition of Promina in 2007.

IAG believed that under the terms of the joint venture agreement, the change of ownership would give it the right to take full control of NTI.

But Suncorp resisted the sale, which led to a legal stoush between the two companies. Last week's deal brought an end to those proceedings.

Vero spokesman Sue Repanellis told insuranceNEWS.com.au the insurer intends to maintain its stake in the NTI business.

A CGU spokesman declined to comment.