Gallagher Specialty has appointed two new senior brokers to lead its expansion in the superyacht market.

The broker already operates in the ultra-high net worth client space with a team specialising in yachting, and these latest joiners will build on its existing capability. They will focus on superyachts at the larger end of the market, which is traditionally professionally skippered and crewed, and will be led by Executive Director Rupert Beckett.

Rupert joins from OnlyYacht, a Lloyd’s insurance broker, located in Monaco and forming part of Group Pastor’s Suisscourtage Assurance. The firm offered all aspects of yachting insurance, specialising in yachting and crew insurance. Rupert worked at the company for over 15 years in a variety of senior level broking roles and prior to this, he was employed by AON for four years, also as a yacht broker. He will report to Jonathan Suckling, CEO of Marine, Art and Specie.

Rupert is joined by Sebastian Wooderson, who has been appointed Divisional Director for Gallagher’s superyacht operations. Sebastian also joins the firm from OnlyYacht, where he was an Executive Broker for the last four years, prior to which he was an Associate Director at Willis Towers Watson.

Rupert and Sebastian’s experience builds on Gallagher’s existing teams in this niche market. Their first-hand knowledge of the superyacht communities based in the Mediterranean and Caribbean provides Gallagher with a springboard to further develop its profile and client base. The superyacht market has seen steady growth and current estimations state that it will be worth $10.8 billion by 2026, a rise of over $3 billion from 20201. Superyacht insurance is tailored to individual client needs and will typically include ‘all-risks’ cover for protection against physical loss or damage to the hull machinery and equipment, and a wide spectrum of third-party liability covers. Liability insurance can cover damage to other vessels and property, and injury to people both on board and off the yacht, including crew members.

Commenting on the appointments, Rupert said: “The superyacht community is a fantastic place to work and I am delighted to join a global broker such as Gallagher to help the business expand its superyacht client base. Through its wider marine practice, the business has strong, longstanding relationships with some of the market-leading insurers and syndicates within Lloyd’s of London, and I am looking forward to taking the Gallagher proposition to superyacht owners, bringing them wider choice for their insurance needs.”

Jonathan added: “We are always seeking to expand our specialty capabilities and the appointments of Rupert and Sebastian, two very well-established brokers operating in the superyacht market, demonstrates our commitment to bringing great talent on board, and positions us well for future growth. Clients in the superyacht space want to be sure they are dealing with individuals who understand the risks they can face and can help put insurance in place to ensure their much loved assets are protected.”