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Chaucer, Coastal Marine form partnership
ESSEX, England--Chaucer Syndicates Ltd. has established a coverholder partnership with Coastal Marine Services Ltd.
Under the agreement, for which financial terms were not disclosed, Coastal Marine will underwrite hull and machinery as well as protection and indemnity risks on behalf of Chaucer syndicate 1084, the managing general agent unit of Chaucer Group P.L.C. said in statement.
Recently approved by the U.K. Financial Services Authority, Essex-based Coastal Marine is a newly formed MGA that focuses on small-vessel owners operating craft up to 5,000 gross tons.
As part of the agreement, Coastal Marine will transfer its book of business, which includes 400 hull and machinery and P&I clients, to the new partnership, according to the statement.
Philip Graham, marine hull and liability class underwriter for syndicate 1084, and David Tiney, director of Coastal Marine, will manage the partnership.
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