Private Insurance Services announces its acquisition by Marine Max, Inc. (NYSE: HZO), the nation’s largest recreational boat and yacht retailer. As a specialty yacht insurance agency, Private Insurance Services provides worldwide yacht insurance programs for brokerage houses, yacht management groups and maritime attorneys. Private Insurance Services is an affiliate and part of the recent acquisition of Northrop & Johnson.
This acquisition enters MarineMax into the yacht insurance sector and expands their already strong financial services portfolio. The addition of yacht insurance programs to MarineMax’s repertoire will benefit customers, partners and affiliates worldwide. Private Insurance Services is led by yacht insurance veteran John Gaffney. John and his team have a true understanding of the intricacies and complexities of owning a yacht. They utilize expertise in complex underwriting, including understanding the exposure of an owner, captain, crew, guests, tenders and navigation to provide clients with uniquely designed protection so customers can cruise confidently. In addition, they have a vast network around the world of yacht builders, broker shipyards and trusted advisors that enable them to provide clients with an exceptional level of service.
W. Brett McGill, Chief Executive Officer and President of MarineMax, stated, “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. 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.”