Steamship Mutual have agreed a partnership with GAMMA, a London based Managing General Agent, to provide the Superyacht market with a one-stop shop solution for a wide range of covers. Steamship Mutual started underwriting yacht P&I well over a decade ago and quickly built its portfolio to become one of the leading underwriters in the market. GAMMA is an MGA which specialises in the superyacht market and in particular in the provision of hull & machinery insurance. The Club has now entered into a binding agreement with GAMMA, under which GAMMA will provide day to day underwriting and claims handling services for the whole of Steamship Mutual’s yacht portfolio, with yacht owners remaining Members of the Club. Steamship’s yacht underwriting team, led by Simone Vena, will transfer to GAMMA ensuring a smooth transition and the continued provision of the high-level service which is so important to both the Club and GAMMA.
This cooperation will provide the Club and GAMMA with the opportunity to grow their portfolios further and provide a unique one-stop shop offering to the superyacht market.
Jonathan Andrews, CEO of Steamship Mutual, commented
“We regard the partnership with GAMMA as a positive step in supporting the Steamship Yacht Club Members and the cooperation will enhance our ability to grow the business further. GAMMA’s existing expertise in hull & machinery will combine perfectly with the Club’s P&I, hull war and kidnap & ransom covers to provide a strong proposition in a competitive market.”
Matteo Espinoza, GAMMA co-founder, said
“We believe the trust shown in GAMMA by a leading P&I Club like Steamship Mutual, reflects the level of excellence and commitment to the yacht market which is at the core of everything GAMMA does. We look forward to working with the Club and its yacht Members”.
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