Nautilus Marine completes SPT portfolio deal

Nautilus Marine Insurance (Nautilus Marine) has completed its acquisition of SPT Insurance's personal watercraft (PWC) portfolio.

Nautilus Marine struck up an agreement with SPT Insurance to manage and underwrite the latter's PWC portfolio in July 2022.

The deal led to a full purchase agreement of the PWC portfolio between Nautilus Marine and SPT Insurance, with the completion of the sale process effective on August 01, 2023.

The PWC insurance portfolio includes:

• dedicated personal watercraft policy wording;
• theft coverage;
• water skiers liability and $10,000,000 legal liability as standard;
• fleet policies for multiple PWC policyowners; and
• option for lay-up cover for the months policyholders do not use their jet skis.

Long-term partnership

“I have been associated with SPT directors Brian Salisbury and Roslyn James and their team for over 20 years now,” said Nautilus Marine CEO Lyndon Turner said. “We have always respected their specialised PWC program and have had a positive experience underwriting it.”

SPT Insurance principal Brian Salisbury said that Nautilus Marine shares many values with the company and offers a product with quality coverage, service, and claims support. The principal described the deal as a “natural evolution”.

“SPT Insurance has been in the marine insurance market for 38 years, and throughout that time, we have placed integrity, caring service, and reliability at the heart of what we do,” Salisbury said. “We also highly value expertise and long-term relationships and have known Lyndon and members of the Nautilus Marine Insurance team for many years.”