Markel International, the specialist insurer, will partner with Pantaenius GmbH, the European yacht insurance provider, to strengthen and broaden the capabilities and services that together they provide their clients globally.
Through offices across Europe, the U.S. and Australia, Pantaenius has been providing a broad range of yacht insurance and related protection for yacht owners for over 50 years and is the leading yacht insurance provider in Europe. Pantaenius is headquartered in Hamburg, Germany.
Markel’s yacht and super yacht team was established two years ago, with the appointment of senior underwriter Mike Wimbridge to head up the business. Wimbridge will become part of Pantaenius, while remaining located in Markel’s London office.
The partnership will provide Pantaenius with London market expertise and relationships, while providing Markel with the opportunity to deploy capital via a highly reputed player in the market. Together they will be well positioned to take advantage of the opportunities in the U.S. market.
Chris Fenn, managing director of Markel’s marine business, said: “There’s a lot Markel and Pantaenius can do together. 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.”
“Pantaenius and Markel’s partnership is the logical development when faced with today’s unstable yacht insurance market,” commented Martin Baum, managing director, Pantaenius.
“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,” Baum added. “Mike Wimbridge will play an important role to modernise the process of placing yachts in the future. Times are changing.”
Source: Markel International
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