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Underlying changes to some marine insurances


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Tower Limited (NZX: TWR) Reaches Agreement for Club Marine Boat Customers

 

Thursday 3rd December 2020

 

Kiwi insurer Tower Limited (NZX: TWR ) today announced it has secured a referral agreement for Club Marine’s Pleasure Craft Insurance customers, with the potential of adding another 15,000 risks and $8m in Gross Written Premiums to Tower’s business.

Under the agreement, Tower will offer Boat Insurance policies to Club Marine’s New Zealand customers on their renewal, as well as launching a new Boat Insurance product to the New Zealand market.

Tower CEO, Blair Turnbull, said that after the success of the Youi NZ portfolio acquisition, securing agreements like this was a fast and efficient way to accelerate customer and premium growth with minimal additional expense for the business.

“The success of the Youi NZ portfolio and the recent settlement with the EQC means we’re now very well placed to find and secure these types of bolt-on growth opportunities that deliver shareholder value and help us achieve the maximum benefits from our new technology platform,” says Turnbull.

Club Marine CEO Karen Te Maipi said that the agreement was a great outcome for Kiwis, who will now have the opportunity to be taken care of by New Zealand’s only listed general insurer.

“New Zealand is surrounded by coastline and there’s a definite love affair with boats, so it’s great that these customers will have the support of a team who know New Zealand and knows how important boats are to the people who live here,” says Turnbull.

No regulatory approvals are required to proceed and under the agreement, the referral costs remain confidential. Club Marine ceased selling boat insurance in New Zealand effective 1 December.

See the link below for more details:

Club Marine Referral Agreement

Source: Tower Limited

Looks like Tower are hovering up lots of marine.

When any mob gets control of a market there is a opportunity for it to go evil as some sure have but then also for it to do good things, again as some sure have.

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25 minutes ago, KM... said:

Looks like Tower are hovering up lots of marine.

When any mob gets control of a market there is a opportunity for it to go evil as some sure have but then also for it to do good things, again as some sure have.

tower took over youi.

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WTF it was only last year I got this from Tower  ...



I can confirm that you will need to switch over to Club Marine by the 28 April 2020. This date is when your policy would be renewing however due to Tower Insurance no longer insuring boats this si the date it will be cancelled. 

You should receive documents close to this time in regards to remind you to contact Club Marine along with their contact details to give them a call and set up new 

 

I went with NAUTICAL Insurance in Chistchurch and couldn't be happier. Just insured the Flying 15 as well.

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3 hours ago, Start Me Up said:

WTF it was only last year I got this from Tower 

I think that is indeed a genuine WTF.

Someone changed their minds fast.

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Looks like the changes are continuing and none good. Just received my renewal from Baileys/Vero policy.

Premium has increased 20% and been switched from agreed to market value on basis of being over 30yrs.

Baileys tell me they cannot issue new policies for boats over 30 yrs but will (for now) be able to continue existing policies, subject to these changes.

Believes that all 3 recent losses (Riviera on the reef, BOI and Taupo fires) were all covered by Vero so that is this year's profit gone, which probably means another premium increase next year 😬

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Lack of market scale and poor practises (read too many incidents as a % of the NZ fleet) means marine insurance in NZ is becoming non-viable. Which is why I insured offshore with a bigger global ‘at scale’ insurer who can weather these kinds of local losses without closing their books.

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