TLC Insurance

What TLC Insurance does

TLC Insurance Limited is a New Zealand specialist underwriting agency founded in 1998 and headquartered in Tauranga, dedicated exclusively to heavy machinery (mobile plant) insurance. The company underwrites three core products — Tracks & Treads Turbo (mobile plant), On Road Plus (commercial motor), and Safety Net (combined liability) — distributed exclusively through insurance brokers across New Zealand, with no direct-to-consumer sales channel. Heavy machinery owners are directed to contact a broker, who then places business with TLC through the Compass Web Portal, a custom-built 360 Underwriting Solutions platform enabling real-time rating, quoting, binding, and endorsements for mobile plant and commercial motor products, with planned renewal management and Combined Liability capabilities.

The company's competitive positioning centres on being NZ's first underwriting agency dedicated to heavy machinery insurance, serving forestry, civil construction, earthmoving, agriculture, landscaping, quarry, mining, and machinery hire operators. Financial backing is provided by AIG Insurance New Zealand Limited (A/Strong by S&P) for mobile plant and motor portfolios, with Vero Liability covering the combined liability line. Value-added extensions include Laid Up Cover (premium reduction for machines parked 30+ consecutive days), accidental death cover ($50,000 plus $5,000 funeral costs), and windscreen cover up to $10,000. The company emphasises gold-standard claims turnaround (windscreen claims paid within 3 working days; new business quoted within 48 hours) and stable, incremental premium pricing in lieu of reactive post-loss increases.

TLC Insurance operates as a private company majority-owned by 360 Underwriting Solutions since 2021, with an in-house underwriting and claims team of approximately 16-20 staff averaging 5 years of tenure. The business model is wholesale commission-based underwriting with annual premium billing, broker-only distribution, and no direct customer acquisition. Industry engagement is reinforced through NZUAC foundation membership, major sponsorship of Civil Contractors New Zealand (CCNZ, 600+ members) and the Forestry Industry Contractors Association (FICA), and community rugby sponsorships. Revenue figures are not publicly disclosed.

Name

TLC Insurance

Legal name

TLC Insurance Limited

Website

https://tlcinsurance.co.nz

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

11–50 employees

Short description

TLC Insurance is a New Zealand specialist underwriting agency, founded 1998, providing heavy machinery (mobile plant), commercial motor, and combined liability insurance exclusively through insurance brokers nationwide, underwritten by AIG and Vero via the Compass portal.

Ownership category

akta.pro rank

Product category

Specialist Heavy Machinery Insurance Underwriting

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Agencies and Brokerages (524210)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Commercial General Liability (CGL) (FSAJADAA)

akta.pro secondary industry

General Liability Insurance (FSAJAMAE)

Keywords

• Heavy machinery insurance
• Mobile plant underwriting
• Commercial motor coverage
• Combined liability insurance
• Broker channel distribution

Headquarters

HQ city

Tauranga

HQ country

New Zealand

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Heavy Machinery / Mobile Plant Insurance Premiums: Core revenue stream from underwriting specialised insurance for heavy mobile plant and machinery across forestry, construction, earthmoving, agriculture, landscaping, quarry, mining, and civil sectors. Premiums are collected from brokers placing business on behalf of clients. The company operates with stable, incremental annual premium increases.
2. Commercial Motor Vehicle (On Road Plus) Insurance Premiums: Commercial motor vehicle insurance offered as an accommodating line to the specialist heavy machinery product. Requires only one item of plant to be underwritten with TLC Insurance to qualify for a commercial motor quote.
3. Combined Liability / Safety Net Insurance Premiums: Contractors Combined Liability package covering legal liability, underwritten by Vero Liability. Provided as part of a complete cover offering alongside mobile plant and motor insurance to eliminate gaps in coverage.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels7 records

Core offering

TLC Insurance is a wholesale underwriting agency that underwrites specialist heavy machinery (mobile plant) insurance, commercial motor vehicle insurance and combined liability insurance for contractors across New Zealand. Products are underwritten using AIG Insurance New Zealand Limited capacity for mobile plant and motor, and Vero Liability capacity for combined liability, and are sold exclusively through insurance brokers — not directly to end customers.

Product overview

TLC Insurance is a specialist heavy machinery underwriting agency offering a portfolio of insurance products through insurance brokers. The core product suite consists of Tracks & Treads Turbo (TTT) for heavy machinery, On Road Plus for commercial motor vehicles, and Safety Net for combined liability coverage. These products are distributed exclusively through brokers via the Compass Web Portal, a proprietary platform for policy lifecycle management. Optional extensions include Laid Up Cover for parked machinery. The company operates as an underwriting agency, with AIG Insurance New Zealand providing the financial backbone for heavy machinery and motor portfolios, while Vero Liability handles liability business.

Differentiator

Problem solved

Functional benefit

Brands

• Compass: A custom-built 360 Compass Web Portal platform enabling full policy lifecycle management, from quoting with real time rating to binding policies and including endorsements for Mobile Plant and Commercial Motor products.

Products and services

• Tracks & Treads Turbo (TTT) Specialist heavy machinery (mobile plant) insurance covering damage, theft and third-party liability for forestry, construction, earthmoving, civil, agriculture, quarry, mining, landscaping and machinery hire operators across New Zealand. Underwritten by AIG Insurance New Zealand Limited and sold exclusively through insurance brokers. Includes the Accidental Death Extension ($50,000 death cover plus $5,000 funeral benefit) and forestry-specific windscreen cover as standard on the Turbo package.
• On Road Plus (ORP)

Quantifiable outcome

• Windscreen claims paid within 3 working days of receipt of invoice and required documentation
• +4 more outcomes

Named customers7 records

Segments8 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• AIG Insurance New Zealand LimitedcoreStrategic or Co-development PartnerTLC Insurance is underwritten by AIG Insurance New Zealand Limited for its Heavy Machinery (Mobile Plant) and Commercial Motor Vehicle (On Road Plus) portfolios. AIG holds a financial strength rating of A (Strong) from Standard & Poor's. The partnership provides TLC access to AIG's global network, claims expertise, and strong capital position while TLC maintains direct responsibility for claims performance, building policies and procedures in-house.
• Vero LiabilitycoreStrategic or Co-development PartnerVero Liability is TLC Insurance's contracted underwriting partner for Combined Liability / Safety Net insurance products. Vero Liability provides specialist liability coverage that complements TLC's mobile plant and motor insurance, ensuring clients have complete, gap-free coverage through a single provider. Vero is committed to delivering tailored insurance solutions backed by experienced underwriters and an unrivalled claims service.
• Civil Contractors New Zealand (CCNZ)coreStrategic or Co-development PartnerTLC Insurance is a major associate sponsor of CCNZ, the national association for civil construction and engineering in New Zealand. CCNZ represents over 600 providers. TLC attends CCNZ Annual Conferences with a trade stand to profile its products to members. This sponsorship demonstrates TLC's commitment to the civil construction sector which is a key customer segment.
• Forestry Industry Contractors Association (FICA)coreStrategic or Co-development PartnerTLC Insurance has been a key sponsor of FICA for over a decade, illustrating its firm belief in supporting those who support the company. TLC is the leading heavy machinery insurer for the forestry sector, its original mainstay since 1998. Sponsorship provides insight into industry needs and reinforces TLC's commitment to the sector.
• New Zealand Underwriting Agencies Council (NZUAC)coreStrategic or Co-development PartnerTLC Insurance is a foundation member of NZUAC, established to provide a professional and united front to represent the interests of New Zealand's 40+ underwriting agencies and the wider insurance industry. NZUAC provides a platform for underwriting agency members to promote their agency to the New Zealand broker market and to lobby on important matters impacting underwriters nationwide.
• TLC Insurance King Country RamsminorStrategic or Co-development PartnerTLC Insurance holds primary naming rights sponsorship of the King Country Rams rugby team competing in the Bunnings Warehouse Heartland Championship. This community sponsorship connects TLC with clients in the King Country region, where many of its heavy machinery clients operate. Sam Cane (All Blacks captain) played for the team.
• Melville Rugby ClubminorStrategic or Co-development PartnerTLC Insurance sponsors Melville Rugby Club in the Waikato region, supporting community rugby at the grass-roots level.
• Tasman Provincial Development SquadminorStrategic or Co-development PartnerTLC Insurance sponsors the Tasman Provincial Development Squad, a provincial rugby development team.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Steadfast Group: Australasian broker network and underwriting agency operator with a growing NZ presence. Comparable in operating playbook (broker-distributed specialist underwriting) and increasingly competing for the same heavy-machinery / commercial motor placements in NZ and Australia, making it an adjacent incumbent rather than a direct head-to-head rival.
• IAG New Zealand: Dominant NZ direct P&C carrier (AMI, Lumley, State, NACU brands) underwriting motor, commercial, and asset lines including some heavy-plant coverage. Larger and broader than TLC, with its own broker relationships and direct agency arms, but overlaps with TLC's commercial motor and general liability lines, making it the principal incumbent alternative for the same broker clients.

Direct peers

• Hollard Insurance New Zealand: NZ branch of Australasian specialist insurer operating an underwriting-agency model focused on non-mainstream commercial lines, distributed through brokers. Highly comparable to TLC in agency-style underwriting, broker-only GTM, and focus on niche commercial risks where mainstream insurers underperform.
• Delta Insurance: NZ-headquartered specialist underwriting agency distributing niche commercial lines through brokers. Closest comparable in business model (wholesale underwriting agency, broker-only channel, multi-line specialist product set) and geography; competes for the same broker relationships in NZ.
• Ando Insurance Group: NZ specialist underwriting agency distributing a portfolio of niche commercial products through brokers nationwide. Operates with a similar specialist-underwriting-agency playbook to TLC, sharing the broker-only channel, Aotearoa geographic focus, and reliance on carrier capacity partners.

Others

• Vero Insurance New Zealand: NZ general insurer (Suncorp/NZI) underwriting TLC's Combined Liability / Safety Net product. Capacity partner for the liability leg of TLC's product stack rather than a peer; included for completeness as a directly relevant stakeholder in TLC's distribution model.
• 360 Underwriting Solutions: TLC's majority owner and the developer of the Compass broker portal. Operates a portfolio of specialist underwriting agencies across Australia and NZ; functionally TLC's platform parent and shared-services / technology provider rather than a competitor, but a key reference point for valuation given its private-equity ownership of TLC.
• AIG New Zealand: Direct P&C carrier providing TLC's underwriting capacity for Mobile Plant and On Road Plus with an A (Strong) S&P rating. A capacity partner and economic counterparty rather than a competitor — TLC writes business in AIG's name — but a relevant ecosystem participant whose strategic priorities shape TLC's product range.
• Crombie Lockwood: Large NZ commercial insurance broker placing business with specialist underwriting agencies including TLC. An important channel counterparty rather than a peer — included because its broker consolidation and panel decisions materially affect TLC's reach into the civil construction and machinery-hire segments.
• Rothbury Insurance Brokers: One of NZ's largest broker networks placing commercial and specialist lines. A distribution intermediary in TLC's broker-only channel rather than a competitor — relevant as a counterparty whose placement choices directly affect TLC's new-business volume.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/tlc-insurance-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TLC Insurance