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Business Observer Wednesday, Jul. 15, 2020 2 weeks ago

Boat dealer acquires yacht insurance agency

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MarineMax adds Private Insurance Services to its growing list of holdings in the luxury yacht sector.

CLEARWATER — MarineMax Inc., one of the nation’s leading recreational boat and yacht retailers, has acquired Private Insurance Services, a specialty yacht insurance agency based in Fort Lauderdale. 

According to a press release, Private Insurance Services provides insurance to yacht management groups, maritime attorneys and brokerage houses around the world. It’s an affiliate of Northrop & Johnson, a luxury yacht brokerage that was also recently acquired by MarineMax.  

Private Insurance Services, the release states, employs yacht insurance veterans who understand the exposures of an owner, captain, crew, guests, tenders and navigation, enabling them to provide appropriate insurance solutions. 

 "The acquisition of Private Insurance Services will strengthen our comprehensive approach to serving our customers,” MarineMax CEO Brett McGill states in the release. “This acquisition also creates another significant growth opportunity for the company as we continue our efforts to diversify into higher-margin businesses. Expanding our insurance capabilities provides us with another growth opportunity, while giving peace of mind to our customers as they enjoy time on the water with family and friends.”

Clearwater-based MarineMax (NYSE: HZO) reported $1.24 billion in gross revenue in 2019, up from $1.18 billion in 2018. 

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