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UK broker Hayes Parsons acquires yacht underwriting agency

U.K. insurance broker Hayes Parsons Ltd. has bought yacht underwriting agency Admiral Marine for an undisclosed sum.

Admiral Marine, which is based in Salisbury and controls £1.4 million of gross written premium, specializes in insuring sailing yachts and motor boats worldwide. Hayes Parsons said the deal will allow it to expand its existing commercial marine and yacht offering.

Admiral Marine Managing Director Robert Holbrook, who founded the underwriting agency in 1991, will continue to lead the team post acquisition.

The acquisition was supported by Clydesdale Bank PLC.