The Brit insurance group has said its US arm will continue to provide cover for smaller yachts following TradeWinds' exclusive story that its Lloyd’s syndicate would pull out of the market as part of a shake-up of its marine business.
Brit Global Specialty will continue to provide yacht insurance through Brit Global Specialty USA (BGSU).
Nick Davies, president of BGSU, said in a statement that BGSU is involved in a different type of market than its Lloyd's syndicate.
“Following recent press speculation as to the future of our London-based yacht business, we want to affirm our commitment to the US yacht market through our US-based service company, BGSU.
"As an admitted product targeting much smaller average hull values and distributed to US-based clients, our strategy is very different to that offered under the traditional London-based model.
"To that extent, yacht and our broader US-based marine offering remain an integral part of BGSU’s platform as we continue to pursue profitable growth,” he said.
Matthew Wilson, group chief executive, said: “Brit has a long track record and a strong pedigree in the marine market. Under Tom Carroll’s leadership, we have quickly established a highly respected team in the US offering yacht, cargo and hull to US-based producers for business not traditionally accessed by the Lloyd’s market.
"We are dedicated to delivering this expertise and service to our brokers and clients locally.”
TradeWinds has been reporting how numerous Lloyd’s syndicates are restructuring their marine lines in response to the market’s call for improved profitability.
