Specialist motor underwriting agency MB Insurance has entered New Zealand, with a new broker portal offering cover for prestige, luxury, high performance and classic vehicles.

MB Insurance Chairman Shane Sheppard says the expansion is a long-term commitment to New Zealand, designed to give brokers another genuinely specialist underwriting option when placing difficult or high value motor risks.

“We believe the timing is right because we have reached a point in our journey where the experience, capability and relationships we have built over 35 years in Australia can be brought to New Zealand," Mr Sheppard said.

“We are not entering the market simply for growth. We are entering because we believe we can add genuine value.” 

The agency, acquired by ATC Group in 2021, is backed by Lloyd’s of London capacity. 

MB Insurance says the broker portal is built to meet New Zealand legislative requirements and operational needs, with the platform eliminating traditional proposal forms and email-based quoting. 

“Vehicle registration search capability and local agreed value guidance are just some of the features we have included to make the experience fast and seamless,” MD Daniel McNamara said. 

The agency expects up to 75% of quotes will be automatically approved and it aims for same-day turnaround in the case of referrals. 

The product suite offers coverage features tailored for high-value risks. Key benefits include strictly Agreed Value policies, 75% finance gap cover and a three-year new for old replacement feature. It also includes salvage rights for vehicles 25 years or older.  

“For these vehicles, the owner has put a lot of blood, sweat, and tears and a substantial financial investment into their project over many years,” head of strategy and business development Chris Quick said. 

“If the vehicle is unfortunately written off, they will keep the wreck, which means they could rebuild or buy a similar vehicle and use parts off their wreck.” 

MB Insurance is managing claims in-house supported by local New Zealand partnerships including independent loss adjusters, rather than outsourcing to third party administrators (TPAs). 

"Our claims management team understand the product and understand the needs of prestige car owners, enabling them to provide service above and beyond a generic TPA,” Mr McNamara said. “They focus on best-in-class service rather than simply clipping the ticket at lodgement."