Tuesday, March 9th, 2021
Sturge the Superyacht Insurance Specialist Sells Out
In 1972 Nicholas Sturge, then an underwriter at Lloyd’s of London, identified a niche market developing in the world of luxury superyachting.
Leaving London for the South of France he set off to explore and exploit possible insurance opportunities that only superyachts present.
Soon after that, Sturge International were offering Insurance services from an offices in Antibes,
The business grew through the 1970’s and 1980’s and in 1990 Burr Taylor, joined Nick in partnership.
In 2000 Caspar McDonald joined heralding the formation of Sturge Taylor & Associates (STA).
Then in 2007, the firm swallowed up the rival broking team from the brokerage house Marsh McLennan thus doubling the firm’s size.
Now too, Surge has been swallowed up.
This time, by the independent Howden Broking, a firm established in 1994, that now employs more than 6,500 people worldwide.
STA will become a tiny part of Howden and will operate under the new trading name Howden Sturge.
Financial details of the acquisition, which has received full regulatory approval, were not disclosed.
The acquisition further underlines Howden’s drive to invest in specialisms.
Superyacht insurance is an attractive market with new orders for superyachts have increased from 353 in 2019 to 365 in 2020, with the second half of last year seeing the best results since 2009.
The 30 employees at STA along with their offices in London, Southampton and Antibes and these includes Fastnet Marine which are all part of the deal.
Howden’s Marine division, which comprises more than 110 people, is headquartered in London with offices across Europe, Asia-Pacific and the Middle East, and with access to a network of international partners.
The newly created Howden Sturge will deliver specialist cover across the world’s insurance markets and, in conjunction with their digital and analytics arm, will develop data-driven insurance products for pleasure craft clients.