Business as usual for nation’s largest truck insurer, with parent companies of NTI settling ownership dispute
It’s business as usual for the nation’s largest truck insurer, with the parent companies of National Transport Insurance (NTI) settling an ownership dispute.
Brisbane-based NTI is a 50/50 joint venture between insurance giants Vero and CGU, which say the deal will strengthen the underwriter of some $140 million in trucking premiums.
The ownership arrangement had been in dispute following Vero parent Promina’s merger with banking group Suncorp in 2007.
CGU parent IAG exercised a contractual clause to acquire the transport insurer outright following the merger, but disagreement over how to value the company saw the matter head to court.
This week the parties have announced a settlement, which will end court proceedings and see the joint venture remain in tact.
Suncorp says the confidential agreement will “strengthen the existing joint venture arrangement, enabling the long-standing partnership between Vero and CGU to continue in a manner that makes commercial sense to both parties”.
“Both Vero and CGU remain committed to supporting NTI to strengthen its market-leading position as Australia’s largest specialist truck insurer,” the companies say in a statement.
NTI has been operating for more than 35 years and has been a long-time support of trucking industry associations and events.