In one of the most significant moves in the yacht insurance market, Brit Insurance is launching a specialist service in order to become a major underwriter at Lloyd’s in the profitable mega yacht insurance sector.
The value of 300 ft-plus yachts and ancillary assets can be worth in excess of US$500m and these vessels are often the pride and joy of their wealthy owners – a factor that distinguishes these vessels from those used in commercial shipping.
The underwriting team is led by industry veterans John Higham –who recently joined Brit Insurance - and Mike Wimbridge. The pair has more than 50 years yacht underwriting and broking experience gained with Travellers, Chartis, Marsh and others.
The new service will cater for clients from emerging economic powerhouses such as Brazil, India and Russia as well as more established markets in Europe, US and the Middle East.
The team includes support from senior claims adjuster Kevin Allmond who has over 30 years’ experience in the yacht sector.
Commenting on this market development, Keith Tait, producer/broker of Miller Insurance Services says: “A key differentiator is the team’s strength of broker relationships coupled with its unrivalled access to local knowledge in each of these important mega yacht markets. Both John and Mike are well-known and respected underwriters and this will undoubtedly add confidence in their dealings with brokers.”
John Higham, senior yacht underwriter, Brit Insurance, adds: “Our ability to underwrite risks valued in excess of US$100m with the minimum of fuss and delay will become the hallmark of our service to brokers. Working with Mike, I’m extremely confident we are well placed and have the appetite to become a major yacht underwriter within the next 12 months; providing all-risk coverage for mega yachts and their crews.”
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