Brit Global Specialty USA (BGSU) has reached an agreement for exclusive renewal rights to part of XL Catlin’s directly written yacht portfolio.
Under the agreement, Brit BGSU’s Yacht team will service legacy Catlin policies written before the firm’s acquisition by XL until expiration, and then provide eligible customers with renewal quotes.
Matthew Wilson, CEO, Brit, commented on the agreement; “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.”
The renewals rights agreement comes after BGSU expanded its U.S. marine footprint last year with the appointment of former XL Catlin experts Tom Carroll to Senior Vice President of Marine, and Craig McGinnes to Vice President of Yacht
Nick Davies, President, Brit Americas, 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.”
