Pantaenius Ceases Business Activities in North America
Published: Friday, August 14, 2020
After twelve years of trustful cooperation with boat and yacht owners in the USA, Pantaenius announces that it will cease business activities in America at the end of the year. One of the reasons for this is shrinking capacity for yacht insurance within the US after major carriers left the market in recent years.
Martin Baum, Managing Director of the Pantaenius Yacht Group, comments: “For over twelve years, Pantaenius America have been providing tailor made yacht insurance solutions as a specialized agent. Unfortunately, insurance capacity in the US market has been steadily shrinking during this time, while the cost for claims have continued to rise. It is therefore no longer possible for the team in the US to find insurance partners who are able to underwrite the Pantaenius product to the highest levels that clients are accustomed to. Regrettably, therefore Pantaenius have taken the difficult decision to cease the business activities of Pantaenius America as at December 31, 2020.”
All other Pantaenius offices around the world that have always operated independently of Pantaenius America will continue to provide insurance solutions and accept new business from American yacht owners as long as the yacht’s certificate of registration includes an address outside of the United States. Existing clients who have concluded their contract directly through Pantaenius America will be serviced until their next renewal date and will continue to receive our associated services, such as the 24/7 claims hotline, until that time.
Martin Baum states: “Pantaenius America have always been especially proud of a strong service orientation, which underpins the excellence of its products with a unique promise: Come what may! This commitment to the clients will always remain the highest priority so we strongly encourage American clients to discuss the opportunity of placing insurance cover through the Pantaenius Group with our European and Australian offices.”
Pantaenius America would like to take this opportunity to thank all its partners but especially its loyal clients who made the company's success in the USA possible.
Martin Baum on this: “We look forward to continuing to work with many familiar faces from the industry and also our clients in the future and would like to thank you for your valued support. All the best for the future!”
tags: Insurance
