American Hull Insurance Syndicate - Cessation of Underwriting
Confirmation is finally forthcoming that the American Hull Insurance Syndicate is going out of business after 92 years, further confirmation, as if it were needed, that New York's days as a center of blue water hull underwriting excellence are behind it. In an email to brokers, Harry Yerkes IV, President and CEO of the Syndicate, has written:
Recently, the American Hull Insurance Syndicate (the "Syndicate") completed a strategic review of its business and concluded that it is no longer feasible to effectively carry out the purpose originally intended by the Syndicate.
In light of this conclusion, the Syndicate explored strategic alternatives with regard to the transfer of its business but no agreements were concluded.
Therefore, as of November 19, 2012, the Syndicate will cease quoting new or renewal business. Existing quotes will be honored, with the exception that the Syndicate will not bind any new business with inception dates on or after December 1, 2012.
The Syndicate will implement an orderly administration process for existing policies with inception dates prior to December 1, 2012. The Syndicate will continue to service existing policies subsequent to that date.
Thank you for your business with the Syndicate over the years, and please let me know if you have any questions.
Please distribute this notice within your firm.