Pen Underwriting expands marine capabilities as Paul Wood joins to lead London market yachts specialism

Published On : 21 Nov 2024

Pen Underwriting’s expanding marine practice has announced the strategic appointment of Paul Wood into Vessel Protect in a move designed to bring additional broker choice and flexible insurance solutions to a diverse segment of the growing global yacht industry through the London market.


Appointed as Product Lead – Yachts, Paul has joined to launch and grow this area of marine specialism for Vessel Protect and the wider Pen business, focused on the mid-value section of the yachts market where capacity tends to be more limited. With more than 15 years’ experience of marine underwriting including well over 10 years specialising in yachts, Paul brings a proven positive track record, a well-established network of trusted broker relationships, and the technical underwriting expertise needed to establish Pen and Vessel Protect as a long-term sustainable yacht market.

Prior to his most recent position as yacht underwriter with Amphitrite Underwriting, Paul spent nearly six years as yacht underwriter at Lloyd’s syndicate MS Amlin before which he spent a similar period at specialist underwriting agency Yachtinsure. Paul will drive the development of a diverse portfolio of yacht risks with a line value / stamp capacity up to USD $10m, on a worldwide basis, backed by Lloyd’s and A-rated* London market capacity. Combining a broad underwriting appetite with rigorous risk assessment, Vessel Protect will focus on providing brokers with sustainable risk solutions tailored to the specific needs of their clients’ individual assets.

Chris Goddard, Co-Managing Director of Marine at Pen and CEO of Vessel Protect, said: “Paul’s extensive experience of the yacht market, in-depth pricing knowledge, wording expertise and impressive underwriting record will provide us with a strong platform upon which to build a sustainable class specialist that has all the hallmarks of our business. We’ll combine his specialist insight and leadership with our commitment to providing unrivalled customer service and data-focused underwriting and analysis to help brokers deliver bespoke risk solutions to their clients, even in complex scenarios.

“We’re absolutely delighted Paul has chosen to join Vessel Protect and the wider Pen family to build this new marine specialism as we continue on our strong growth trajectory and it’s great to be welcoming him into the team.”

Paul Wood commented: “The continued growth and expansion of the global yacht industry means brokers are seeking insurance solutions for an increasing array of vessels. While some underwriters specialise in smaller vessels and others target the burgeoning superyacht class, there is demand for additional capacity and flexible solutions catering for the mid-section of the market, which encompasses a distinctly varied range of yacht risks.

“These risks deserve an individualised approach to underwriting wrapped around with great service, something that Vessel Protect and Pen Underwriting prioritise. I am really pleased to be joining the business and looking forward to getting started.”

In addition to the war and kidnap & ransom risks, which Vessel Protect specialises in, Pen’s marine practice covers everything from ports & terminals, marine trades and brown water hull to marine professionals and logistics providers.


* Independent ratings from third party rating companies. Correct as at November 2024.