After months of uncertainty, underwriting agency Nautilus Marine has a new underwriter.

In February insuranceNEWS.com.au reported Lumley Insurance had served notice on Nautilus that it would cease underwriting pleasurecraft, charter and commercial insurance.

Today Nautilus Marketing Manager Mark Crockford told insuranceNEWS.com.au that Watkins, Lloyd’s Syndicate 457, will act as underwriter for all the company’s business. The Watkins syndicate is owned and managed by Munich Re.

“We’re ecstatic,” he said. “We went through a fairly lengthy process and some of the offers on the table were very attractive.”

Mr Crockford says Watkins’ expertise in pleasurecraft insurance “and the opportunity to extract some of their intellectual property” was a driver behind the decision to do business with the syndicate, as was the “tremendous attraction” of the Lloyd’s name.