Brit acquires renewal rights for XL Catlin US yacht portfolio
Specialty re/insurer Brit has entered into an agreement with XL Catlin for the renewal rights for part of its directly written yacht portfolio.
Brit Global Specialty USA’s Yacht team will service existing legacy Catlin policies through to expiration, after which BGSU will provide renewal quotes to eligible customers. The agreement relates to legacy policies written by Catlin, prior to its acquisition by XL.
In 2016, the company had hired Tom Carroll as senior vice president marine, and Craig McGinnes as vice president yacht to expand BGSU’s marine footprint in the US. Both the executives were previously at XL Catlin.
"We have identified Marine as an important and attractive market for Brit in the US, and have seen encouraging growth since appointing Tom to establish and lead a team last year," said Nick Davies, president of Brit Americas.
"This agreement with XL Catlin is a further positive step, enabling us to acquire the renewal rights to a high quality book of business well suited to the team’s expertise and experience."
Matthew Wilson, CEO of Brit, added: "Brit has a long track record as a leader in Marine, and I’m delighted to see us building on this as we develop our recently launched US Marine platform. This is another example of our strategy to expand through opportunistic growth underpinned by strong underwriting."
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