I enjoyed your article on pleasure craft (30 January, Insurance Times). As a point of interest we agree the number of insurers or security providers has contracted, but there are still a large number of underwriting agencies transacting business on a wholesale basis. These include ourselves under the banner of Holdfast Underwriting, Admiral, James Steele, Nautical Insurance, St Margaret's, Yachtline and Yachtsure.
It can be concluded that some elements are talking up the lack of capacity, when realistically the capacity is as before (i.e. the current insurers have or plan to expand their account size.)
All the remaining underwriters participating in the yacht market are becoming more risk-focused and charging more appropriate rates and terms, rather than relying on perhaps investment returns.
Perhaps the experienced providers should have changed their marketing focus to sell on real benefits, rather than joining and, in some cases, leading the rating war.
Paul M Newton
Marine underwriter
Holman Insurance Brokers
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