Ironshore Inc. said it is now covering high-end pleasure craft, yachts and megayachts on a global basis.
James G. Bishop Jr., who the company said has more than 25 years of experience in the maritime sector, has been named to lead a unit that will provide cover for boats, yachts, luxury yachts and megayachts and support Ironshore’s personal lines business for high-net-worth homeowners.
Bishop will be based at Ironshore’s new office in Tampa, Fla., and will report to David Frediani, president of Ironshore International.
The yacht insurance market has been challenged during the past several years because of the economic slowdown, the soft pace of growth in the recreational marine sector and susceptibility related to heightened catastrophic risk exposures, said Frediani in a statement.
He also said his firm believes the specialty sector presents potential growth opportunities.
Founded in 2006, Ironshore is backed by a holding company with more than $1 billion in fresh capital.