New insurer enters the marine market

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Aspen U.S. Insurance is entering the recreational marine insurance market, focusing on marinas, yacht clubs, boat dealers, boatbuilders and boat component manufacturers, the company announced.

Aspen will distribute these products through an exclusive arrangement with Axiom Insurance Management Ltd., a specialty marine MGA and wholesaler in Atlanta.

“Introducing new capabilities to our select distributors is part of our original product line expansion plan,” Aspen executive vice president and chief marine underwriter Rich Soja said in a statement. “Axiom is a trusted business partner and our unique arrangement with them will bring a differentiated level of service to this segment.”

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