Aston Lark buys superyacht specialist broker

Aston Lark has bought Lloyd’s broker CRS Yachts for an undisclosed sum.

This follows its purchase of MS Amlin’s marine pleasure craft book, Haven Knox-Johnston, last November.

According to Aston Lark, CRS Yachts has been offering superyacht insurance for nearly 20 years, specialising in yachts valued over £10m.

The broker is headquartered in the City of London and has an additional office in Suffolk. It is led by chief executive officer Simon Ballard and has a total of six staff.

Aston Lark explained that CRS Yachts will keep its existing brand, but added that it will “play an active and significant role” in the growth strategy of Aston Lark Europe.

Peter Blanc, Aston Lark group CEO, told Insurance Age that the broker brings gross written premium of just over £6m to Aston Lark.

Europe
He explained that the majority of CRS Yachts’s clients are based in the European Union, adding: “Because of Brexit the most appropriate place we have for it is as part of the European business.”

Aston Lark bought Dublin-based Robertson Low in January 2019 and made its second Irish deal the following December when it purchased Wright Insurance Brokers.

A year ago the business appointed Robert Kennedy as CEO Ireland and Mark Nolan as CFO Ireland.

Robertson Low and Wright are set to rebrand as Aston Lark Europe in April this year.

Experts
Commenting on the deal, Blanc continued: “It’s so exciting to have Simon Ballard and the team from CRS Yachts joining forces with Aston Lark Europe and working with our CEO Robert Kennedy.

“With Euromarine, Haven Knox-Johnston and now CRS Yachts we’re becoming quite the nautical experts.”

He added: “CRS Yachts specialises in the high-end world of superyachts and they place cover for some of the most beautiful craft on the planet.

“It’s an extremely specialised class of business which is facing its own hard market challenges. Simon and the team haven’t missed a beat through Covid and we’re looking forward to an exciting and challenging 2021 together.”

Blanc further noted that Aston Lark has a number of deals in the pipeline and that it is expecting to close nine or ten acquisitions in the next few months.

Rebrand
Robert Kennedy, Aston Lark Europe CEO, said: “We are thrilled to bring CRS Yachts into the Aston Lark group under Robertson Low, albeit temporarily as we are set to rebrand Robertson Low and Wright Insurance Brokers as Aston Lark Europe in April 2021.

“CRS Yachts has built a really great business over the last few years with an exciting and dynamic team at its core.”

Simon Ballard, CRS Yachts CEO, added: “We are delighted to be joining the Aston Lark group. In an ever-changing world we believe the strengths of Aston Lark together with their client focus approach, which matches ours, makes a great collaboration.

“Together we will be able to service our current and future clients to the highest level. We are all very much looking forward to the future, continuing to grow and offering the superior service levels our many clients have come to expect from us.”

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