BOSTON – OneBeacon Insurance Group (NYSE: OB) has acquired ownership of National Marine Underwriters, a yacht-specialty managing general agent with a 20-year history of writing recreational marine business, it reported in a statement yesterday.
This news comes only a few weeks after the Marine Retailers Association of America reported that it had formed a joint marketing agreement with National Marine Underwriters designed to bring comprehensive, price competitive retail boat insurance to the showrooms and closing booths of all MRAA dealers.
It will not, however, have a negative impact on the relationship, MRAA President Phil Keeter said in an interview today.
“We were aware of the acquisition before we completed the alliance/endorsement with NMU,” he commented. “In fact, we even met with the OneBeacon staff. NMU will remain as a separate entity operating with same personnel, offices, locations, programs etc. but is now owned by OneBeacon. In reality, it probably makes the whole thing more sound and financially stronger.”
National Marine Underwriters will become a part of International Marine Underwriters (IMU), a division of OneBeacon Insurance Group that offers ocean marine solutions for hull, marine liabilities, and private-pleasure yachts, as well as ocean cargo, according to the company.
Based in Annapolis, Maryland, National Marine Underwriters is licensed to operate in the 48 continental states and the District of Columbia.
“This acquisition represents the next step in the evolution of IMU’s private pleasure craft offering,” said Robert Gallagher, president of International Marine Underwriters. “The variety of National Marine Underwriters’ business, combined with its geographic strength, complements and diversifies our current book.”
The financial terms of the transaction were not disclosed.
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