NMU chief executive confirms withdrawal is a ‘strategic decision’
Zurich-owned specialist boating insurer Navigators and General (N&G) has bought the commercial marine trade combined book of business from insurer NMU for an undisclosed sum.
The product has been withdrawn from the UK and Irish broker market. Brokers were informed yesterday via email of the news.
NMU has ceased writing new business in this field with immediate effect, however it will continue to invite renewals for risks renewing up to and including 1 February.
NMU’s marine trade staff will transfer to Zurich under a Transfer of Undertakings (Protection of Employment) agreement (TUPE).
David Perfect, chief executive at NMU, said: “The decision had come following a strategic review [of] our marine trade combined portfolio. This account which, prior to its integration into NMU, comprised what was previously GJW’s book, will transfer to N&G at renewal.
“As part of the arrangement, NMU marine trade underwriters will move across to N&G.
“Brokers can be assured that it’s very much business as usual for all other NMU product lines.”
Paul Glasper, head of specialist retail at Zurich, added: “We are delighted to announce the acquisition of NMU’s commercial marine trade combined book, which enhances our status as a leading insurer in the market.
”The transaction delivers a book of business that is consistent with our risk appetite and gives us a strong platform for driving future growth. In an ever-changing and uncertain market, this deal underlines our strength and stability, and long-term commitment to the marine sector.
”We look forward to welcoming NMU colleagues to N&G and achieving a smooth transition for customers and brokers.”
Subscribers read more