Lloyd’s superyacht insurance shakeup underway

SuperyachtNews – 10 August 2018

Reports suggest between five and seven Lloyd’s syndicates have already dropped out of the yacht insurance market. Further consolidation expected…

Earlier this year, Lloyd’s of London, the specialist insurance market, issued a warning to a number of its marine syndicates, including those that underwrite superyacht businesses. The warning gave loss-making marine syndicates three months to create viable business plans or be dropped – the deadline for the presentation of said remediation plans being Friday 3 August.

On 2 August, TradeWinds News reported that Brit Global Speciality, Lloyd’s syndicate 2987, ended its yacht insurance business lines. Since Brit’s exit, various reports have suggested that a further five to seven syndicates have pulled out of the yachting market. The shakeup of the Lloyd’s market follows a sustained period of falling premiums and unsustainable loss ratios. Yachts are widely considered to be the greatest loss maker within the Lloyd’s marine portfolio.

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