Applied Underwriters has announced it is set to acquire Concept Special Risks, a UK-based international MGA that provides coverage for an extensive variety of nautical vessels and operators across the globe.
Based in Yorkshire, Concept Special Risks is a licensed cover holder at Lloyd’s and reportedly holds a “dominant” market position in the US and Caribbean markets for motor yachts, trailer craft, sailboats, and catamarans covering both private/pleasure and charter.
The acquisition is the latest in a series of specialty market innovations that Applied Underwriters has made as part of its long-term growth plans in niche segments.
While the group’s Applied Specialty Underwriters will focus on select Casualty E&S risks across the US, its Applied Financial Lines team will provide a variety of D&O coverages in the USA, Europe, and Israel following its acquisition of the renewal rights of StarStone’s financial lines book of business.
Meanwhile, Applied Fine Art and Collectibles will look to provide coverage and risk management solutions for fine art, jewellery, collectibles, and collector automobiles.
Steve Menzies, chairman of Applied Underwriters, said that Concept Special Risks is a “further advance into the luxury market sphere”, alongside these recent specialty innovation actions.
He said: “We are finding heightened demand among our growing customer base in the private clientele sector for thoroughly knowledgeable, truly experienced, and acutely specialized underwriting.
“We are answering that demand with an assembly of top talent in important market classes, of which the latest is Concept Special Risks and its exceptional twenty-member team created and developed by Tony Usher over the past 20 years. We welcome these fine professionals to the Applied family in the service of our growing clientele.”
Tony Usher has been behind Concept Special Risk’s growth over the years. He has had a long career in insurance and is known for his expertise in pleasure craft insurance, particularly in the Atlantic Hurricane region.
He said: “Together with my staff here in Yorkshire, we see immense opportunity in this consolidation with Applied, its remarkable marketing strength and its depth of focus in specialized sectors.
“Our plans will be finalized this quarter once the FCA issues its approval, and we will be ready for the coming season for yachts, recreational vessels of all types and for commercial excursion operators.”
Concept Special Risks will continue to write business through retail agents in the US and Caribbean. It has offices in the UK and in Florida.