Applied Underwriters buys UK marine MGU

Applied Underwriters Inc. said Wednesday it has acquired Concept Special Risks Ltd., a United Kingdom-based marine managing general underwriter.

 

Terms of the deal were not disclosed.

 

Yorkshire-based Concept Special Risks is a licensed cover holder at Lloyd’s of London and provides coverage in the U.S. and Caribbean markets for motor yachts, trailer craft, sailboats and catamarans for private/pleasure and charter. It has offices in the U.K. and Florida.

 

Steve Menzies, chairman of Applied Underwriters, said the deal helps meet demand from Applied’s customer base in the private clientele “luxury market sphere.”