Cna Insurance Company, formerly known as Maritime Insurance Company, is to stop writing cover for the yacht market in Europe.

A statement from the company said: "While the yacht market has hardened recently, we do not see that current rating levels have reached the level required to generate consistent, long-term profit, particularly given the costs associated with underwriting this class."

It added the move underlined CNA's decision to focus its European marine lines on core "business to business" insurance, in particular marine cargo.

CNA is one of the largest writers of marine cargo business in the UK.