OneBeacon Insurance Group has acquired ownership of National Marine Underwriters, a yacht-specialty managing general agent with a 20-year history of writing recreational marine business. National Marine Underwriters will become a part of International Marine Underwriters (IMU), a division of OneBeacon Insurance Group that offers ocean marine solutions for hull, marine liabilities, and private-pleasure yachts, as well as ocean cargo.
Based in Annapolis, Md., National Marine Underwriters is licensed to operate in the 48 continental states and the District of Columbia.
“This acquisition represents the next step in the evolution of IMU’s private pleasure craft offering,” said Robert Gallagher, president of International Marine Underwriters. “The variety of National Marine Underwriters’ business, combined with its geographic strength, complements and diversifies our current book.”
The financial terms of the transaction were not disclosed.
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