Insurer adds megayacht underwriting

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Brit Insurance is launching a service to become a major underwriter at Lloyd's in the megayacht insurance sector.

The underwriting team is led by industry veterans John Higham, who recently joined Brit Insurance, and Mike Wimbridge. The pair have more than 50 years of yacht underwriting and broking experience gained with Travelers, Chartis, Marsh and others.

The new service will cater to clients from emerging markets, such as Brazil, India and Russia, as well as more established markets in Europe, the United States and the Middle East.

“Our ability to underwrite risks valued in excess of U.S. $100 million, with the minimum of fuss and delay, will become the hallmark of our service to brokers,” Higham said in a statement. “Working with Mike, I’m extremely confident we are well-placed and have the appetite to become a major yacht underwriter within the next 12 months, providing all-risk coverage for megayachts and their crews.”

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