Ironshore Inc. is now covering high-end pleasure craft, yachts and mega yachts on a global basis. James G. Bishop, Jr., with more than 25 years experience in the maritime sector, has been named to lead the unit that will provide cover for boats, yachts, luxury yachts and mega yachts and support Ironshore’s Personal Lines business for high net worth homeowners. Bishop will be based out of Ironshore’s new office in Tampa, Fla. and report to David Frediani, president of Ironshore International.
According to Frediani, the yacht insurance market has been challenged over the past several years because of the economic slowdown, the soft pace of growth in the recreational marine sector, and susceptibility related to heightened catastrophic risk exposures and the carrier believes this specialty sector presents potential growth opportunities
Bishop has more than ten years of experience in underwriting yacht insurance with ACE, with five of those years concentrating in the luxury and mega yacht sector. As a senior premier underwriter for ACE, he focused on yachts of up to $75 million in hull value with worldwide navigation capabilities.
Bishop has also held a variety of roles within the broader recreational boating industry. He has been responsible for overseeing yacht deliveries on sail and powerboats, crewing on private yachts, managing tour boat operations, and working within the U.S. and Caribbean for one a worldwide yacht charter company.
Ironshore provides broker-sourced specialty property and casualty insurance coverages for varying risks on a global basis through its multiple international platforms.