Pen Underwriting, a specialist managing general agent (MGA) operating across multiple insurance classes and geographies, has increased its marine division’s yacht hull insurance underwriting capacity, increasing limits by 50% to USD/EUR 15 million, effective immediately.
The enhanced capacity is provided through Vessel Protect, Pen Underwriting’s specialist yacht insurance brand. The company said the capital increase strengthens its ability to support brokers and clients in the global mid-size yacht market, a segment it enters in 2024 with a hull insurance capacity of $10 million/euro.
Vessel Protect was launched with a focus on market segments where available coverage capacity has traditionally been more limited.
Under the revised arrangement, Pen Underwriting can now offer yacht hull insurance globally with stamped capacity up to USD/EUR 15 million, backed by A-rated Lloyd’s and London Market insurers.
The growth follows a series of developments across Pen Underwriting’s yachting portfolio. In November 2025, the company launched liability coverage of up to USD/EUR 10 million, including protection for U.S. insureds, U.S.-flagged vessels and operations in U.S. waters. This enhancement also includes crew liability insurance of up to USD 5 million/€, further expanding the range of yacht hull products.
Paul Wood, head of yachting products at Vessel Protect, Pen Underwriting’s marine business unit, commented: “Serving and supporting the mid-size yacht segment of the global yachting market, which has historically had more limited capacity, remains our best option. But increasing our hull limits by 50% gives us as underwriters and our brokers greater flexibility and scope to support their clients.
“Our focus is on delivering sustainable risk solutions that are tailored to the specific needs of our clients’ individual assets, while delivering data-driven underwriting and best-in-class client service – even in complex situations. As such, we are pleased to now be able to accommodate a more diverse yacht risk portfolio in the mid-market.”
Pen Underwriting said Vessel Protect’s specialist yacht insurance solutions are designed to protect high-value maritime assets by covering hulls, engines, equipment, tenders and war-related risks. The company’s policies also include third-party liability, crew liability, uninsured boater protection, pollution-related liability and medical expenses, providing comprehensive protection to yacht owners and operators worldwide.