Brit Global Specialty USA (BGSU) has reached an accord with XL Catlin for exclusive renewal rights for part of its directly written yacht insurance portfolio, according to a news release. The agreement covers legacy policies written by Catlin before its acquisition by XL.
BGSU will service existing legacy Catlin policies until expiration, according to the release. After the policies expire, BGSU will provide eligible customers with renewal quotes.
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The accord comes following BGSU’s appointment of former XL execs Tom Carroll and Craig McGinnes. Carroll serves as senior vice president, marine, and McGinnes serves as vice president, yacht. The executives bring more than 50 years of combined experience to BGSU.
“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,” said Brit Americas President Nick Davies. “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.”
“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,” said Brit CEO Matthew Wilson. “This is another example of our strategy to expand through opportunistic growth underpinned by strong underwriting.”
