Pen Underwriting has announced the appointment of Paul Wood as product lead – yachts for Vessel Protect, as part of its plans to expand into the global yacht insurance market. According to a news release, this initiative aims to provide additional options for brokers and address capacity needs in the mid-value yacht sector through the London market.
Wood, who has over 15 years of marine underwriting experience—including a decade focused on yachts—will oversee the development of coverage for yacht risks up to $10 million. This effort targets a range of vessels where insurance capacity has traditionally been limited.
Chris Goddard, co-managing director of marine at Pen Underwriting and CEO of Vessel Protect, noted that Wood’s expertise would support the company’s goal of offering specialised insurance solutions.
“Paul’s extensive experience of the yacht market, in-depth pricing knowledge, wording expertise and impressive underwriting record will provide us with a strong platform upon which to build a sustainable class specialist that has all the hallmarks of our business. We’ll combine his specialist insight and leadership with our commitment to providing unrivalled customer service and data-focused underwriting and analysis to help brokers deliver bespoke risk solutions to their clients, even in complex scenarios,” said Goddard.
“We’re absolutely delighted Paul has chosen to join Vessel Protect and the wider Pen family to build this new marine specialism as we continue on our strong growth trajectory and it’s great to be welcoming him into the team.”
Wood’s previous roles include yacht underwriting positions at Amphitrite Underwriting, Lloyd’s syndicate MS Amlin, and Yachtinsure. In his new role, he will focus on providing risk assessments and individualised insurance solutions for brokers serving mid-value yacht owners.
The appointment is part of Pen Underwriting’s broader marine practice, which includes coverage for ports and terminals, marine trades, brown water hull, and marine professionals.
Vessel Protect, established in 2020, is a trading name of Pen Underwriting Limited, specialising in marine war risks and kidnap and ransom coverage. It combines advanced digital solutions with tailored insurance offerings to meet complex client requirements.
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