Former Club Marine heavyweights are forming a new underwriter for the private pleasurecraft market. Nautilus Marine Agency is expected to be launched on the Australian market in the next few weeks.

The insurer will receive backing from national insurance broker IC Frith and be headquartered in Melbourne. It’s understood the venture is also being financed by a South African insurance company.  

Sunrise Exchange News reported three weeks ago the sudden departure from Club Marine of CEO Paul Wilson, National Sales and Distribution Manager Mark Crockford and Operations Manager Wendy Dudley. But a spokesman for Club Marine’s parent company, Allianz Australia, says it’s “business as usual” at the leading small marine insurer’s Melbourne bayside headquarters.

It’s understood Nautilus Marine Agency will target the same market as Club Marine, which earns an estimated premium of $70-80 million a year in a market segment worth about $100-120 million.