Yacht insurance specialist Concept Special Risks has been acquired by Applied Financial Lines, a UK-based affiliate of Omaha, Nebraska-based Applied Underwriters, Inc.
Concept Special Risks is a Leeds-based yacht and recreational pleasure craft marine underwriting agent with a strong presence in Florida and the Caribbean.
Customers include sport fishing enthusiasts, day sailors and recreational cruisers. The company writes in excess of USD30 million gross written premium on an annual basis.
The shareholders of Concept Special Risks were advised by Yorkshire law firm Lupton Fawcett.
Giles Clegg, partner and head of corporate finance at Lupton Fawcett, said: “Concept Special Risks is a very successful Yorkshire business run by a dynamic management team which has over many years built an excellent reputation in the yachting sector for the quality of its service.
“It has been a pleasure to work with them and I have no doubt that the business will continue its success as part of the Applied family of companies.”
Tax and accounting advice to the shareholders of Concept Special Risks was provided by Dale Coleman and Julia Barnard at Ford Campbell Freedman.
Concept Special Risks has helped to insure many of the biggest fleets of charter vessels in the world. The company was part of the TL Dallas Group and the Osprey Group before forming the Concept Special Risks Group of Companies, as it expanded into other marine business lines, primarily within Continental Europe.
Concept Special Risks founder Tony Usher said: “We are very pleased that this transaction has come to fruition, and we are ready and optimistic for the coming season for the underwriting of yachts, recreational vessels of all types, and for commercial excursion operators.”
Applied was represented by Clyde & Co.
Lupton Fawcett has offices in Leeds, Sheffield and York, providing a full range of legal services to commercial and individual clients.