NTI takes over Lumley heavy motor
Lumley’s heavy motor and mobile plant and equipment portfolios will transfer to National Transport Insurance (NTI) from July 1, CGU has announced.
NTI is already the country’s leading truck insurer, and incorporating the portfolio of a former major competitor can only increase its market dominance.
CGU and Vero have jointly owned and operated NTI since 2001, and the Lumley move has been pending since IAG’s purchase of Wesfarmers’ underwriting business last year.
A CGU spokesman told insuranceNEWS.com.au the joint venture agreement stipulates that policy types such as heavy motor and mobile plant and equipment are underwritten and managed by NTI.
“The integration of Lumley brings its heavy motor and mobile plant and equipment portfolios over to commercial insurance,” he said. “Therefore, to adhere to our joint venture terms and conditions, an agreement has been reached for these policies to be transferred to NTI.
“The transfer will provide brokers and customers with access to NTI’s expertise and specialisation in the heavy vehicle insurance market.”
NTI GM Sales & Distribution Mike Edmonds described the addition of the Lumley business as “a clear demonstration of confidence in NTI by our shareholders, CGU and Vero, and a recognition of the value we offer”.
Lumley will continue to write renewals and new policies up to and including June 30.