RSA Insurance announced it is launching a Superyacht practice, providing comprehensive cover for the larger end of the market, which is traditionally professionally skippered and crewed.
The practice will be led by Emily Grew, who will join as a senior yacht underwriter in July. Grew will report to Calvin Gray, London Market marine director.
Grew has more than 15 years’ experience in insurance, the majority of this as a yacht specialist. She started her career in insurance broking and has worked for AIG, Miller Insurance Services, JLT Specialty and CRS Yachts. She moved to Chubb in 2019 as a yacht underwriter and is currently a senior yacht underwriter. During her time with Chubb, she was responsible for establishing and building out the company’s London Yacht Practice.
Superyacht ownership has grown significantly in recent years, with purchases of luxury vessels (longer than 30m) increasing by more than 8% in the first nine months of 2021, compared with the same period in 2019, according to industry publication The Superyacht Group.
Although data from superyacht market intelligence, BOATPro found a 20% decrease in the total value of superyachts sold in 2022, this still represented an exceptional year for the market, which was up by 50% in comparison to 2019 and nearly 80% on 2020 figures.
“We continue to look for opportunities in the market where we can build pockets of lead or niche expertise, which can deliver a longer-term return for us as a business. The Superyacht market has been through significant remediation over the past four years, and this represents a good opportunity for us to enter the market,” commented Calvin Gray, London Market marine director.
“Through our market and competitor analysis, we believe that with our global capability there is an opportunity to bring a lead offering to the market and build a unique proposition with technical capability and expertise at its core,” Gray added.
Source: RSA Insurance
Topics Trends New Markets Chubb
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