MarineMax, Inc. (NYSE: HZO) announced that it acquired Private Insurance Services, a specialty yacht insurance agency. Private Insurance Services, an affiliate and part of the recent acquisition of Northrop & Johnson, provides yacht insurance programs for top yacht management groups, maritime attorneys and brokerage houses worldwide.
With the acquisition, MarineMax enters the yacht insurance segment of the industry, expanding its financial services portfolio and providing full access to superyacht, yacht and boating insurance programs, benefiting customers, partners and affiliates worldwide. Private Insurance Services is led by yacht insurance veterans that utilize expertise in complex underwriting, including understanding the exposures of an owner, captain, crew, guests, tenders and navigation, enabling them to provide insurance solutions. Private Insurance Services offers uniquely designed protection so customers can confidently cruise locally or throughout the world.
"The acquisition of Private Insurance Services will strengthen our comprehensive approach to serving our customers. This acquisition also creates another significant growth opportunity for the company as we continue our efforts to diversify into higher margin businesses," W. Brett McGill, chief executive officer and president of MarineMax said. "Private Insurance Services strengthens our mission to offer the best customer experience in the world, by assisting clients anytime, anywhere to ensure they are always protected. Expanding our insurance capabilities provides us with another growth opportunity, while giving peace of mind to our customers as they enjoy time on the water with family and friends.”