Zurich-owned insurer, Navigators & General has acquired NMU’s commercial marine trade combined book for an undisclosed amount. The book of business was originally transferred to NMU from sister company Groves John & Westrup in 2017.

As part of the deal, the marine trade book will be transferred to the Brighton-based insurer at renewal and will be staggered across the year.

Based in Brighton, N&G predominantly provides insurance for pleasure craft – from dinghies to yachts - up to the value of £10m in the marine market, while its marine trade combined business offers bespoke cover for small work boats and chandleries to coastal marinas and yacht manufacturers.

Head of specialist retail at Zurich, Paul Glasper said: “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 long-term commitment to the marine sector.”

Chief executive officer of NMU, David Perfect added: “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.”

Chief executive officer of Specialty MGA Fiducia, Gerry Sheehy, whose company handled this book of business when it was handled by GJW commented: “This is regrettably another capacity provider walking away from the market which is sad and does leave brokers with a diminishing marketplace for the placement of marine trades business.

“It is essential that capacity providers deliver a sustainable pricing model and in order to do that they need to be consistent with insuring terms and manage the expenses associated with acquisition brokerage and operating expenses in order to deliver a consistent underwriting profit to their capacity providers in line with the tough approach the market is seeing in particular on poor performing business,” he added.

Share Story: