Uncertainty prompts Falvey to shut Yacht division

US-based Falvey Insurance Group will no longer underwrite insurance policies for the yacht, luxury yacht and charter communities.

North Kingstown, Rhode Island-headquartered Falvey underwrites on behalf of Lloyd's of London, CV Starr, Berkshire Hathaway and Argonaut Insurance Company.

Mike Falvey, president of Falvey Insurance Group, cited the uncertain future of the yacht market as the primary motivation for the closing, as well as the need to focus on the cargo and marine pollution markets.

"Despite the hard work and commitment of growing both yacht and charter, Falvey Insurance Group is making a difficult, but necessary choice in order to focus our resources and energy on our current and upcoming ventures where the opportunities are greater," Falvey said. "We appreciate the support over the past eight years and look forward to continuing to serve our brokers and assureds in the cargo and vessel pollution markets."

Falvey Cargo Underwriting, Falvey Shippers Insurance and Safe Harbor Pollution Insurance are operationally unaffected by the suspension of the yacht division.

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