The private pleasurecraft insurance market is in for a shake-up up with the sudden departure from Allianz Australia subsidiary – and market leader – Club Marine of CEO Paul Wilson and two other senior executives.

The trio is planning to set up a new underwriting agency to compete with Club Marine, which dominates the local pleasurecraft insurance sector. Observers say Club Marine earns premiums of $70-80 million a year in a market segment worth about $100-120 million.

Mr Wilson left the company’s Melbourne bayside headquarters last week. National Sales and Distribution Manager Mark Crockford and Operations Manager Wendy Dudley left at the same time.

He told Sunrise Exchange News yesterday he has been employed by an unnamed organisation to “run a specialist insurance underwriting agency for pleasurecraft”. He plans to reveal further details within the next week. It’s understood the backer already has a substantial presence in the pleasurecraft market.

Mr Wilson, the son of Club Marine’s founder, had worked with the company for 26 years. Club Marine has been a good earner for Allianz, adopting an innovative “lifestyle” marketing profile that achieved profits outside the insurance operation.

While the unexpected move must be presenting some problems to Allianz Australia management, a spokesman says it’s business as usual at Club Marine. “Nothing’s changed.”