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Applied Underwriters to Acquire UK Yacht Insurance MGA, Concept Special Risks

2021-02-04 15:38:42

Applied Underwriters announced that it is acquiring Concept Special Risks, a UK-based international managing general agent providing coverage for a variety of marine vessels and operators around the world.

Based in Yorkshire, UK and established in 1999 by Tony Usher, Concept Special Risks is a licensed Lloyd & # 39; s cover holder. The company has a leading market position in the US and Caribbean markets for motor yachts, trailer boats, sailboats and catamarans for both private / pleasure and charter companies.

Concept Special Risks will continue to do business through retail agents in the US and the Caribbean. It has offices in the UK and Florida.

The acquisition of Concept Special Risks is another step for Applied Underwriters in the luxury market, said Steve Menzies, president of Applied Underwriters from Omaha, Neb.

“We see an increasing demand from our growing consumer base in the private customer sector for thoroughly informed, truly experienced and acutely specialized insurance policies,” said Menzies.

“We answer that question with a collection of top talent in key market classes, the latest of which is Concept Special Risks and the exceptional 20-member team created and developed by Tony Usher over the past 20 years. We welcome these fine professionals to the Applied family to serve our growing clientele, ”he said.

“Together with my staff here in Yorkshire, we see tremendous opportunity in this consolidation with Applied, the remarkable marketing power and deep focus on specialist sectors,” said Usher.

"Our plans will be finalized this quarter once the [UK Financial Conduct Authority] has given its approval, and we will be ready for the coming season for yachts, all types of pleasure craft and for commercial excursion operators," he continued.

Since November, Applied has launched:

  • Applied Specialty Underwriters to Focus on Selected E&S Accident Risks Across the Country, with an Initial Focus on Major Construction in New York;
  • Applied Financial Lines to provide a variety of D&O coverages in the US, Europe and Israel following the acquisition of the renewal rights to StarStone & # 39; s financial lines book;
  • Applied Fine Art & Collectibles to evolve into the foremost global position in providing coverage and risk management solutions for fine arts, jewelery, collectibles and collectors' cars.

Source: Applied Underwriters

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