Brit Global Specialty USA (BGSU) has reached an agreement with XL Catlin to assume the exclusive renewal rights for legacy Catlin’s US yacht portfolio.
The agreement relates to legacy policies written by Catlin, prior to its acquisition by XL.
BGSU’s yacht team will service existing legacy Catlin policies through to expiration, after which the carrier will provide renewal quotes to eligible customers.
The deal follows the appointments of [former XL Catlin…] Tom Carroll as senior vice president of marine and Craig McGinnes as vice president of yacht business in 2016 to expand the carrier’s presence in the US marine market.
Commenting on the deal, Brit Americas president Nick Davies said: "We have identified marine as an important and attractive market for Brit in the US, and have seen encouraging growth since appointing Tom to establish and lead a team last year.
"This agreement with XL Catlin is a further positive step, enabling us to acquire the renewal rights to a high quality book of business well suited to the team's expertise and experience."
Meanwhile, Brit CEO Matthew Wilson commented: “Brit has a long track record as a leader in marine, and I’m delighted to see us building on this as we develop our recently launched US marine platform. This is another example of our strategy to expand through opportunistic growth underpinned by strong underwriting.”