Amiga Specialty has secured £25 million of A-rated Lloyd's capacity with global licensing for its Yachts division, as the specialist marine underwriter moves to expand across the US, European and Southeast Asian markets.
The capacity will support the team's ability to underwrite yacht risks internationally and marks a significant step in the development of Amiga's marin offering.
Founded in June 2025 and backed by B.P. Marsh, the MGA has been building out its specialty lines proposition at pace since launch, with the Yachts division adding to Lloyd's capacity already secured for its management liability arm.
Jason Stephenson, who joined as managing director – Yachts to lead the division, will spend time in Hong Kong at key points throughout the trading year as the firm's regional presence develops.
"Securing Lloyd's capacity is an exciting and important milestone for our Yachts business," said Stephenson. "It provides us a strong platform from which to support brokers and clients internationally, backed by exceptional capacity and a specialist underwriting proposition. With Amiga Specialty's growing presence in Hong Kong, we are well positioned to deliver responsive, targeted solutions across these important markets."
The move comes at a favourable point in the underlying market.
The global yacht insurance market reached $10.6 billion in 2024 and is projected to grow to $16.7 billion by 2033, driven by rising disposable incomes, expanding luxury tourism and increasing risk awareness among yacht owners. North America accounts for a substantial share of that demand, valued at $3.6 billion in 2024, underpinned by deep recreational boating culture and significant yacht ownership across the US and Canada — making it a natural priority for a Lloyd's-backed underwriter with global reach.
Asia-Pacific is the fastest-growing region. The luxury yacht market there was valued at $2.53 billion in 2024 and is projected to reach $6.66 billion by 2033, growing at a compound annual growth rate of more than 11% — outpacing every other region.
Yacht insurance premiums in Asia-Pacific reached $1.8 billion in 2024, with growth driven by rising wealth, expanding marina infrastructure and growing appetite for luxury leisure across China, Australia, Singapore and Thailand.
Meanwhile, Amiga's choice of Hong Kong as its regional hub reflects the scale of the opportunity.
Industry analysts estimated the global superyacht market will double from $21.6 billion in 2025 to $45.2 billion by 2032, with Asia-Pacific expected to account for a disproportionate share of that growth. Hong Kong sits at the centre of this expansion, drawing interest from a new generation of younger, more technologically engaged yacht owners from across mainland China and the wider region.
The territory's broader insurance market supports the strategic rationale. Hong Kong's insurance sector is projected to grow 55% to $127 billion in gross premiums by 2032, according to a senior Manulife executive cited by the South China Morning Post, with new life insurance sales jumping 21.4% in 2024 to a record HK$219.8 billion.
While life lines drive the headline growth, Hong Kong's deepening role as a financial hub and its proximity to mainland Chinese wealth make it a logical base for specialty marine underwriters seeking Asian distribution.
Amiga's structure as an MGA reflects broader dynamics in the marine specialty market. The current cycle is increasingly being shaped by MGA growth, with new entrants targeting specific geographies, classes of business or specialisms, and offering greater agility than traditional syndicates or company markets.
The marine MGA space has also seen innovation in underwriting methodology. Recent launches in the Lloyd's market have incorporated real-time vessel data and predictive analytics to sharpen risk selection, a trend pointing to a class of business increasingly open to technology-led differentiation alongside traditional specialist expertise.
Amiga's proposition adds a specialist option backed by Lloyd's paper in a segment where tailored underwriting capacity, rather than commodity coverage, remains the deciding factor for clients with high-value or complex vessels.
