Company: Applied Underwriters, Concept Special Risks
Business Type: Marine Insurance
UK & International Business Sales and M&A News
Yacht insurance specialist Concept Special Risks, a UK-based international managing general agent, has been acquired by Applied Underwriters.
Based in Leeds, and founded in 1999 by Tony Usher, the yacht insurance company Concept Special Risks is a licensed Lloyd’s coverholder and provides coverage for a variety of nautical vessels and operators across the globe.
The company, which has offices in the UK and Florida, has a leading market position in the U.S. and Caribbean markets for motor yachts, trailer craft, sailboats and catamarans, covering both private/pleasure and charter.
Concept Special Risks will continue to write business through retail agents in the U.S. and Caribbean.
The acquisiton of Concept Special Risks is another step for Applied Underwriters into the luxury market sphere.
Steve Menzies, chairman of USA-based Applied Underwriters, commented:
“We are finding heightened demand among our growing customer base in the private clientele sector for thoroughly knowledgeable, truly experienced, and acutely specialised underwriting.
“We are answering that demand with an assembly of top talent in important market classes, of which the latest is Concept Special Risks and its exceptional 20-member team created and developed by Tony Usher over the past 20 years. We welcome these fine professionals to the Applied family in the service of our growing clientele.”
Steve Menzies – chairman of Applied Underwriters
The founder of Concept Special Risks sees the acquisition as an exciting opportunity.
Tony Usher commented:
“Together with my staff here in Yorkshire, we see immense opportunity in this consolidation with Applied, its remarkable marketing strength and its depth of focus in specialised sectors.
“Our plans will be finalised this quarter once the [UK Financial Conduct Authority] issues its approval, and we will be ready for the coming season for yachts, recreational vessels of all types and for commercial excursion operators.”
Tony Usher – Founder of Concept Special Risks
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