There’s been a lot of attention on our homeowners, auto and liability products of late. Amid the heightened activity to adjust guidelines and foster profitable growth, the AIG Yacht Team continues to make positive strides in its pursuit to expand the portfolio and deliver strong returns.
To strengthen our foothold (and reduce confusion) in the marketplace, we’ve aligned all AIG Yacht product management under Sean Blue and expanded our highly specialized team of in-house experts. As we’ve shared previously, work is underway to enhance our product segmentation strategy, including the introduction of a mono-line solution for vessels over 26 feet.
2018 year to date, the Yacht team has written 23 new accounts with hull values greater than $10 million, totaling about $2 million in new yacht premium. This is on top of around 1,200 new yacht policies for smaller values and an additional $7 million in GWP. This new business production totals approximately $1 billion in hull value.
As the yacht market continues to constrict, our superior capacity and solution-oriented capabilities will enable us to capitalize on ongoing opportunities. Our partner agents can rely comfortably on AIG to deliver winning proposals for their clients. In fact, here is a recent testimonial that not only reinforces these attributes buts celebrates our cross-functional collaboration within PCG:
“I want to express what an impressive job the AIG Yacht team did to…help me retain one of my largest accounts and to help move this fleet account with several Mega Yachts to the AIG portfolio after my recent appointment to PCG. This was really a team effort from the start, with [Yacht Business Development Manager] Len Algigi’s persistence in asking for the business, and the creative thinking of the Yacht underwriting team of Sean Blue, Craig Dunstan and Christina Butler in putting together an extremely strong and thoughtful program. The team went above and beyond to ensure they addressed all of the client’s concerns in very short span of time….Additionally, the client had some challenging navigational plans and [Yacht Risk Management Specialist] Carl Lessard got involved to provide security briefings for the client’s captain. Ultimately the decision to move this account came down to the strong relationship that I have with members of the AIG Yacht team and knowing they will be there for me and the client every step of the way.”
—Scott Costolo, C&L insurance