Specialist insurer Markel has partnered with European yacht insurance provider Pantaenius to strengthen its global yacht offering.
Markel’s yacht and super yacht team is headed by senior underwriter Mike Wimbridge, who will now become part of Pantaenius, while remaining located in Markel’s London office.
The insurer said this partnership will provide it the opportunity to deploy capital via a reputed player in the market and further position it to take advantage of the opportunities in the US market.
Pantaenius currently operates through offices across Europe, USA and Australia, and intends to gain London market expertise and relationships through this deal.
"There’s a lot Markel and Pantaenius can do together,” said Chris Fenn, managing director of Markel’s marine business. “Mike has known the Pantaenius team for many years and the respect they hold for each other will be a superb basis for the partnership,” Fenn noted.
Martin Baum, managing director of Pantaenius, added: "Pantaenius and Markel’s partnership is the logical development when faced with today’s unstable yacht insurance market. Two global players are forming a long-term strategy that combines Pantaenius global distribution network with great financial strength, in order to offer a one stop shop solution for yacht insurance. Mike Wimbridge will play an important role to modernise the process of placing yachts in the future. Times are changing.”
Source: intelligentinsurer.com
