La Playa Insurance to cater for superyachts

La Playa Insurance – an insurance broker with bases in London, Cambridge and New York – has entered the superyacht market with the expansion of its Private Client division, which caters for the portfolios of HNWIs, to include marine assets.

The ‘Private Client and Marine division’ will be headed by Mike Taylor-West who, when speaking to SuperyachtNews.com, said that he believes La Playa has identified a unique position within the superyacht insurance sector. Unlike the established brokers, which conduct ‘B2B’ transactions with managers and owners’ reps at the upper end of the size and value spectrum, La Playa’s marine offering will be a personalised service geared towards direct contact with owners of yachts of 24-35m.

The underwriting marketplace has become somewhat crowded in recent times, with superyacht clients tending towards the established brokers to sift through the ‘clutter’. Acknowledging this fact, Taylor-West said that the segment La Playa was targeting was distinct, “involving owner-operated vessels and those who are potentially – through and upgrade or otherwise – having to consider crewing for the first time.” In numerical terms this comprises vessels with a value of £150,000 to £10 million. As he explained: “I have no plans to go toe-to-toe with the established superyacht intermediaries, as it would be absolutely pointless.” But, instead, it’s an “opportunity to demystify [a complex sector] for the private client who is upgrading to a large yacht.”

As a new venture, Taylor-West is handling the yacht offering single-handedly, for the time being. His CV however - which includes sales and service work for Riva; a degree in maritime business and law; a stint as a naval officer and executive roles at Pantaenius, Chubb and Savills – suggest he is equipped to offer the personalised service he has outlined.

The service is to be rolled out to La Playa’s existing client base, before the drive to attract new customers with the promotion of its new capability, begins. It will be offered as a standalone service, or part of a broader ‘one-stop’ La Playa insurance offering, but will essentially comprise a business-to-consumer relationship, handling the client as if they were a personal insurance consumer but in the context of a complex regulatory process.


Related Links

La Playa Website

Riva Profile

Pantaenius Profile

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