Pen Underwriting, a subsidiary of Arthur J. Gallagher & Co., has strengthened its marine practice with the appointment of Paul Wood to launch and lead a new London market yachts specialism.
Wood has been appointed Product Lead for Yachts, and joins to launch and grow this area of marine specialism for Vessel Protect and the wider Pen business focused on the mid-value section of the yachts market where capacity tends to be more limited.
This strategic appointment aims to offer brokers increased choice and flexible insurance solutions for a diverse range of clients within the growing global yacht industry, utilising the London market’s unique strengths.
With over 15 years of experience in marine underwriting, including more than a decade specialising in yachts, Wood brings a strong track record, a well-established network of trusted broker relationships, and the technical underwriting expertise necessary to position Pen and Vessel Protect as leaders in this space.
Prior to joining Pen, Wood was a yacht underwriter at Amphitrite Underwriting. He also spent nearly six years at Lloyd’s syndicate MS Amlin in a similar capacity, and an equal period with the specialist underwriting agency Yachtinsure.
In his new role, Wood will focus on building a diverse portfolio of yacht risks with a line value/stamp capacity of up to $10 million. The portfolio will operate globally, backed by Lloyd’s and A-rated London market capacity.
Combining a broad underwriting appetite with rigorous risk assessment, Vessel Protect will focus on providing brokers with sustainable risk solutions tailored to the specific needs of their client’s assets.
Chris Goddard, Co-Managing Director of Marine at Pen and Chief Executive Officer, Vessel Protect, commented, “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. 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 added, “The continued growth and expansion of the global yacht industry means brokers are seeking insurance solutions for an increasing array of vessels. While some underwriters specialise in smaller vessels and others target the burgeoning superyacht class, there is demand for additional capacity and flexible solutions catering for the mid-section of the market, which encompasses a distinctly varied range of yacht risks.
“These risks deserve an individualised approach to underwriting wrapped around with great service, something that Vessel Protect and Pen Underwriting prioritise. I am really pleased to be joining the business and looking forward to getting started.”
In addition to the war, kidnap, and ransom risks, which Vessel Protect specialises in, Pen’s marine practice covers ports, terminals, marine trades, and brown water hulls to marine professionals and logistics providers.
