Brit Ltd., the London-based specialty insurer, announced the launch of a new Lloyd’s consortium for yachts, called the Lutine Yacht Consortium.
The consortium has a capacity of $250 million, offering 100 percent Lloyd’s security to insure motor and sailing vessels valued at more than $10 million. The consortium also offers worldwide coverage, has global reach through Lloyd’s brokers and their agents and clients will be supported by a 24/7 claims service.
Anthony Forsyth, divisional director at Brit Global Specialty, said, “We are pleased to have Brit launch and lead this new yacht consortium, which will further strengthen our leading marine offering. By combining Brit’s ability to deliver innovative solutions with a tailored approach to each policy, we are confident this consortium builds on our focus for delivering service. Furthermore, our global network of surveyors and claims professionals will enable us to give immediate and local solutions to clients in the event of a claim.”
Matthew Wilson, Brit Group CEO, commented: “Marine is a key line for Brit, and I’m delighted that we have been able to further enhance our client offering in the space through the launch of this consortium. Not only does this deliver on our strategy to build our presence in markets where we believe Brit brings a compelling proposition, but it also underscores our commitment to creating appealing client solutions through innovation in specialty areas where we already bring considerable expertise.”
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