Zurich-owned Associated Marine will pull out of the private pleasurecraft market from the end of this month.

National Product Manager Ross Lawrenson says the decision to drop the market segment followed a strategic review of the Associated Marine business.

“We will continue to underwrite pleasurecraft with a sum insured of $3 million and above as part of our commercial hull book,” he said. “That’s where we believe our expertise provides the best ‘value add’ to our customers.”

MD Stephen Ford left the company last month and it’s understood National Manager Pleasurecraft Insurance Paul Wilson has also left.

A Zurich spokesman declined to comment, saying the company hasn’t yet spoken to brokers about the changes.

Associated Marine is also withdrawing its “club style” P&I product as part of its review, but it will write P&I cover under traditional institute clauses and through its charterers liability product.

Meanwhile, Munich Re has dropped its local Great Lakes Marine Insurance Agency operation.

As a result, the agency’s GM Claims Willum Richards and Development Underwriter Iain Strachan will be leaving the business.

Great Lakes Marine Insurance Agency MD Adrian Norman did not return insuranceNEWS.com.au calls.