Amlin buys super-yacht underwriter

28th Jan 2011 07:45

Underwriter Amlin is to acquire super-yacht insurance specialist Lead Yacht Underwriters.Established in 1997 and based in London, Lead Yacht underwrites through an exclusive network of insurance brokers. In the current financial year it expects to handle in the region of $34m of gross written premiums, of which Amlin initially intends to underwrite about one third. As at 31 May 2010, the date of the company's latest audited accounts, Lead Yacht had gross assets of around £6.4m.Lead Yacht's business complements Amlin's existing yacht portfolio, which is focused predominantly on smaller yachts."The acquisition of Lead Yacht is a tremendous opportunity for Amlin to build on the success of its existing yacht business through growth into the super-yacht class," said Amlin's chief executive, Charles Phipps.