Navigators & General acquires NMU Marine Trade business
January 22, 2020
- Zurich-owned insurer accelerates growth in marine trade market with acquisition of NMU’s marine trade book
Navigators and General (N&G) has reached an agreement with NMU to acquire its ex-GJW commercial marine trade combined book as it further expands its scale in the market.
The transaction, for an undisclosed sum, brings a target risk appetite book of business to N&G, and accelerates its growth in the sector.
Based in Brighton, N&G is already one of the UK’s largest insurers in the marine market. It predominantly provides insurance for pleasure craft – from dinghies to yachts - up to the value of £10m.
Today’s announcement will further expand its marine trade combined business, which offers bespoke cover for small work boats and chandleries to coastal marinas and yacht manufacturers.
NMU’s marine trade book will transfer to N&G at renewal and will be staggered across the year. As part of the deal, NMU marine trade underwriters will move over to the insurer.
Paul Glasper, Head of Specialist Retail at Zurich, said, “We are delighted to announce the acquisition of NMU’s commercial marine trade combined book, which enhances our status as a leading insurer in the market. The transaction delivers a book of business that is consistent with our risk appetite, and gives us a strong platform for driving future growth. In an ever-changing and uncertain market, this deal underlines our strength and stability, and long-term commitment.to the marine sector. We look forward to welcoming NMU colleagues to N&G and achieving a smooth transition for customers and brokers.”
David Perfect, CEO, NMU, added, “This book which, prior to its integration into NMU, comprised what was previously GJW’s book of specialist marine trade combined business, will transfer to N&G at renewal and will be staggered across the year. As part of the arrangement NMU marine trade underwriters will move across to N&G. Brokers can be assured that it’s very much business as usual for all other NMU product lines.”