Applied Underwriters Acquires Leading International Yacht, Excursion and Pleasure Craft Underwriting Facility
UK based Concept Special Risks MGA specializes in US and Caribbean markets for extensive vessel classes
Omaha -- February 3, 2021 -- Mr. Steve Menzies, Chairman, Applied Underwriters, has announced that the Company will acquire Concept Special Risks, a UK based international MGA that is a leader in providing coverage for an extensive variety of nautical vessels and operators across the globe. Based in Yorkshire, UK, since its founding in 1999 by Tony Usher, Concept Special Risks is a licensed cover holder at Lloyd’s and 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 has realized as part of its protracted long-term growth in niche segments. Since November, Applied has acquired, re-created and introduced: Applied Specialty Underwriters to focus on select Casualty E&S risks across the country, with an initial focus on large construction in New York; Applied Financial Lines to 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; and Applied Fine Art & Collectibles to move toward the preeminent global position in the provision of coverage and risk management solutions for fine art, jewelry, collectibles, and collector automobiles.
According to Mr. Menzies, Concept Special Risks is a further advance into the luxury market sphere together with these recent specialty innovation actions: “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, who has enjoyed a long career in insurance, has been distinguished for his expertise in pleasure craft insurance particularly in the Atlantic Hurricane region and has grown Concept Special Risks dramatically over the years: “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.” He continued, noting: “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.
For further information contact:
Ryan Gerding, Public Relations, at +1 (913) 602-8531 or at press@auw.com.
About Applied Underwriters
Applied Underwriters® is a global risk services firm that helps businesses and people manage uncertainty through its business services, insurance, and reinsurance solutions. As a company, Applied Underwriters has been distinguished by its innovative approaches to client care and by its strong financial strength. Applied Underwriters operates widely throughout the U.S. Its operational headquarters is located in Omaha, Nebraska.