Applied Underwriters, the Omaha, Neb.-headquartered insurer, announced it has completed the acquisition of UK managing general agent Concept Special Risks (CSR), after receiving regulatory approval.
Financial details of the deal, which was first announced in February, were not disclosed.
Founded 29 years ago by top sector executive Tony Usher, CSR holds a dominant place in the U.S. and Caribbean markets for motor yachts, trailer craft, sailboats and catamarans, covering both private/pleasure and charter, said Applied Underwriters, in a statement.
“We are very pleased that this transaction has come to fruition, and we are ready and optimistic for the coming season for the underwriting of yachts, recreational vessels of all types and for commercial excursion operators,” commented Usher.
Based in Leeds, England, with an office in Florida, Concept Special Risks issues policies through retail agents in the U.S. and Caribbean.
Applied Underwriters operates throughout the U.S., UK, EU and Middle East.
Source: Applied Underwriters
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