Cox insurance completed its withdrawal from the marine market this week, selling its yacht and cargo unit Groves, John & Westrup (GJW) to Munich Re for an undisclosed sum.
Last week Cox sold its £30m marine syndicate to Euclidian for an undisclosed sum.
The GJW sale will bring an estimated £12m to £15m to Munich Re's Lloyd's syndicate, Watkins 457.
GJW has 13,000 yacht policyholders and a “few hundred cargo” policyholders.
Cox retail chief executive Neil Utley said: “Cox has taken the strategic decision to sell GJW in order to concentrate on other core areas of its business.
“Both parties recognise the opportunity to maintain reciprocal business links and we will continue to work with GJW in the future.”
GJW will now act on behalf of 457, which is capitalised by Munich Re.
Syndicate 457's active underwriter Mark Watkins said: “GJW Direct are acknowledged as the UK's leading direct pleasure craft insurer and also have a strong broker account.”
All staff will be retained at GJW's Liverpool base and its offices in Leeds and Southampton.
