Brit rebuts reports that it is exiting US yacht
Brit Global Specialty USA (BGSU) has affirmed its commitment to the US Yacht market after media reports said that Brit Global Speciality, Lloyd’s syndicate 2987, ended its yacht insurance business lines.
BGSU is affirming its commitment to the US Yacht market, in response to recent industry publications reporting a departure from the Yacht insurance market by Brit, the company said in a statement.
“Following recent press speculation as to the future of our London based yacht business, we want to affirm our commitment to the US yacht market through our US based service company, BGSU,” said Nick Davies, president, Brit Americas. “As an admitted product targeting much smaller average hull values and distributed to US based clients, our strategy is very different to that offered under the traditional London based model. To that extent, yacht and our broader US based marine offering remain an integral part of BGSU’s platform as we continue to pursue profitable growth.”
On Aug. 2, TradeWinds News reported that Brit Global Speciality, Lloyd’s syndicate 2987, ended its yacht insurance business lines. Since Brit’s exit, various reports have suggested that a further five to seven syndicates have pulled out of the yachting market, SuperyachtNews wrote on Aug. 10. The yacht insurance market has experienced a period of falling premiums and unhealthy loss ratios. Yachts are arguably the greatest loss maker within the Lloyd’s marine portfolio.
Matthew Wilson, CEO, Brit, said: “Brit has a long track record and a strong pedigree in the marine market. Under Tom Carroll’s leadership we have quickly established a highly respected team in the US offering yacht, cargo and hull to US based producers for business not traditionally accessed by the Lloyd’s market. We are dedicated to delivering this expertise and service to our brokers and clients locally.”
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