Brit confirms its commitment to yacht market

Brit confirms its commitment to yacht market | Insurance Business

Brit confirms its commitment to yacht market

Brit Global Specialty USA (BGSU) has affirmed its commitment to the US yacht market in response to recent reports of a departure from the yacht insurance space by Brit Ltd (Brit).

“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 of 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.”

“Brit has a long track record and a strong pedigree in the marine market,” said Brit CEO Matthew Wilson. “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.”