Zurich Australian Insurance has agreed to provide capacity for NM Insurance’s portfolio of boating and recreational products across Australia and New Zealand.

This new binder agreement will be reportedly effective from the 17th of next month.

According to reports, the NM portfolio includes pleasure craft, marine trades liability, boating industry commercial insurance, as well as motorcycle and caravan insurance.

NM’s portfolio is expected to strengthen Zurich’s proposition in the Australia and New Zealand markets.

Zurich Australia & New Zealand general insurance chief underwriting officer Sean Walker was quoted by Insurance Business as saying: “We are excited to be working with NM in an agreement that enhances our marine offering and allows us to enter new lines and products.

“We each have a strong track record in marine and a complementary set of core strengths that will ensure success.”

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Last month, Zurich supported the expansion of NM brand Proteus Marine brand in New Zealand.

Earlier this month, the company extended its partnership with insurtech firm Greater Than for dynamic usage-based insurance offering.

The company will leverage Greater Than’s AI-based platform Enerfy to provide a fleet usage-based insurance for one of its new mobility clients within the UK.

The dynamic insurance offering is an optimal solution for car-sharing services, including real-time risk insight and pricing.