Ryan Specialty Group (RSG) has strengthened its ties with Nationwide after the US insurance giant entered into a new delegated underwriting authority agreement with MGU SafeWaters to offer specialist yacht coverages.
Under the terms of the new agreement, RSG Underwriting Managers subsidiary SafeWaters will be able to provide yacht owners with physical damage and protection and indemnity coverage for up to $40mn.
The new offering is available in all 50 states, and will be underwritten on National Casualty company paper. National Casualty is a unit of Nationwide.
The new deal with Nationwide further strengthens RSG’s relationship with the US insurance giant.
Back in May, RSG and Nationwide announced a joint venture to create a new Bermudian reinsurer called Geneva Re. That platform, of which 50 percent is owned Nationwide and the other half by RSG and RSG-related investors, has former Aon Re chairman Mike O’Halleran as its executive chairman.
Like the new yacht insurance platform, Geneva Re is backed by Nationwide’s A+ XV AM Best and A+ Standard & Poor’s ratings for its paper.
Speaking to The Insurer back in September, Brian Boornazian, the CEO of RSG’s reinsurance managing general agent Ryan Re, said: “We are one of a very select group of companies that have an A+ rating. Reinsurance treaty buyers are highly focused on security and longevity of their paper, the consistency of its approach and claims paying capabilities.”
SafeWaters’ CEO, Jorge Pecci, said the company was very encouraged by its latest agreement with Nationwide.
“We both place our customers as the focal point with emphasis on providing exceptional products, specialised underwriting and claims services,” Pecci added.
Ray Stahl, senior vice president and head of yachts for SafeWaters, hinted there may be more to come from the burgeoning relationship with Nationwide.
“We look forward to working with Nationwide to develop additional capabilities for our agents and customers, and continue to provide positive results in a complex market,” Stahl said.
Heather Schenker, vice president at Nationwide, added: “Nationwide is excited to work with SafeWaters Underwriting Managers to provide specialised insurance products to yacht owners. The combination of SafeWaters’ expertise along with Nationwide’s financial strength means customers can feel confident their assets are protected, now and into the future.”