MarineMax announced today that it has acquired Private Insurance Services Inc., a specialty yacht insurance agency that is an affiliate of Northrop & Johnson, a yacht and brokerage firm that MarineMax acquired last week.
Private Insurance Services, which was part of the Northrop & Johnson sale, provides yacht insurance programs for top yacht management groups, maritime attorneys and brokerage houses worldwide.
“The acquisition of Private Insurance Services will strengthen our comprehensive approach to serving our customers,” said MarineMax CEO Brett McGill in a statement.
The acquisition makes MarineMax a player in the yacht insurance segment of the industry, expanding its financial services portfolio and providing full access to superyacht, yacht and boat insurance programs.
Private Insurance Services is led by yacht insurance veterans that have expertise in complex underwriting, including understanding the exposures of an owner, captain, crew, guests, tenders and navigation, enabling them to provide insurance solutions, the company said.
“This acquisition also creates another significant growth opportunity for the company as we continue our efforts to diversify into higher-margin businesses,” said McGill. “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.”
