R&Q extends value capacity for gigayacht generation
R&Q Marine Services has announced that it is now able to clients insurance of up to €235 million.…
R&Q MGA Ltd has announced that its marine division, R&Q Marine Services is now able to offer its clients increased capacity to insure their vessels up to €235 million. This came into effect on 1 January 2014.
Paul Miller, director of underwriting, said of the announcement: “The growing size and sophistication of today’s megayachts has led us to seek increased capacity. Looking at the values of recent deliveries and the size – in excess of 80 metres – of the new build fleet due for delivery in 2014 and beyond, increasing our capacity is an obvious way to enable us to maintain our service levels to clients and brokers alike.”
The top-end, custom sector has enjoyed a halcyon period in the last 18 months, and demand for these premium new build projects has remained strong, despite the problems afflicting the market as a whole. Moves such as this one from R&Q therefore, will be welcomed by owners of the largest superyachts, as Miller clarified to SuperyachtNews.com:
“This is simply an extension of the capacity in terms of the vessel value we are able to offer. Owners will always buy insurance to the value of the vessel, and we now have the ability to insure values up to €235m on a 100 per cent basis. Brokers now won’t need to go to other insurers to take part of the risk unless the value is over €235m.”
“It does not change the situation in terms of the liability risk transferring to the owner”, Miller added.
“We are extremely pleased that both the Lloyd’s and Company insurance markets have responded positively in support of this initiative. It gives the R&Q Marine team a capacity and line size rarely seen within an MGA and shows a true commitment to Paul Miller and his team. We believe that this increased capacity responds to the increase in values within the megayacht portfolio seen over the last few years, and will assist the broker community in meeting clients’ needs within this specialist area.”
Paul Miller, director of underwriting, said of the announcement: “The growing size and sophistication of today’s megayachts has led us to seek increased capacity. Looking at the values of recent deliveries and the size – in excess of 80 metres – of the new build fleet due for delivery in 2014 and beyond, increasing our capacity is an obvious way to enable us to maintain our service levels to clients and brokers alike.”
The top-end, custom sector has enjoyed a halcyon period in the last 18 months, and demand for these premium new build projects has remained strong, despite the problems afflicting the market as a whole. Moves such as this one from R&Q therefore, will be welcomed by owners of the largest superyachts, as Miller clarified to SuperyachtNews.com:
“This is simply an extension of the capacity in terms of the vessel value we are able to offer. Owners will always buy insurance to the value of the vessel, and we now have the ability to insure values up to €235m on a 100 per cent basis. Brokers now won’t need to go to other insurers to take part of the risk unless the value is over €235m.”
“It does not change the situation in terms of the liability risk transferring to the owner”, Miller added.
The need for the provision of greater capacity for the growing fleet of 'gigayachts' was among the topics discussed at the Superyacht Management Meeting: Insurance, staged in the City of London in December 2013.
This announcement is part of a broader strategy to expand the global MGA operation as Nicholas Hales, CEO of R&Q MGA Limited, explained: “We are extremely pleased that both the Lloyd’s and Company insurance markets have responded positively in support of this initiative. It gives the R&Q Marine team a capacity and line size rarely seen within an MGA and shows a true commitment to Paul Miller and his team. We believe that this increased capacity responds to the increase in values within the megayacht portfolio seen over the last few years, and will assist the broker community in meeting clients’ needs within this specialist area.”
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