RSA Insurance has expanded its marine proposition with the launch of a new practice aimed at providing comprehensive cover for owners of superyachts.
The superyacht practice will focus on the larger end of the market, which is traditionally professionally skippered and crewed, and will be led by senior yacht underwriter Emily Grew.
RSA London Market marine director Calvin Gray noted that the superyacht market has gone through significant remediation over the past four years, presenting an opportunity for the insurer to enter the market.
“We continue to look for opportunities in the market where we can build pockets of lead or niche expertise, which can deliver a longer-term return for us as a business,” Gray said in an emailed release.
“Through our market and competitor analysis, we believe that with our global capability there is an opportunity to bring a lead offering to the market and build a unique proposition with technical capability and expertise at its core.
“Once we decided this was an area we were going to expand into, there was only one person we wanted to build our offering. [Grew’s] expertise in this area is unrivalled, and she has a great reputation in the market.”
RSA did not outline its policy inclusions, but a superyacht policy normally spans hull and machinery, protection and indemnity, war, and associated liability covers.
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