Amlin to buy yacht underwriting agency

Lloyd's insurer Amlin has entered into an agreement to buy Lead Yacht Underwriters Limited, an underwriting agency providing cover for super-yachts.

This is the second agency aquisition announcement Amlin has made this week - on Wednesday the insurer revealed it had bought JR Clare Underwriting agencies from owner John Clare.

Lead Yacht underwrites through an exclusive network of insurance brokers and in the current financial year expects to handle approximately $34m of gross written premiums. Amlin initially intends to write one-third of this amount.

Amlin saidit viewed the deal as "the opportunity to acquire a first-class niche underwriting agency with an unrivalled reputation in its market and an excellent track record of underwriting profitability." It added that Lead Yacht's business complements Amlin's existing yacht portfolio, which focuses on smaller vessels.

"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 chief executive Charles Philipps in a statement. "Lead Yacht is a proven leader in its field and its quality management team, led by Allan Norton, and specialist underwriting knowledge will provide Amlin with an excellent platform from which to develop this business in the future".

As at 31 May 2010, the date of the company's latest audited accounts, Lead Yacht had gross assets of approximately £6.4m.