Amlin, an independent insurance group, has entered into an agreement to acquire London-based Lead Yacht Underwriters from members of Lead Yacht's board of directors.

Established in 1997, the Lead Yacht underwrites through an exclusive network of insurance brokers.

Amlin said that addition of Lead Yacht’s business will complement its existing yacht portfolio, which is focused primarily on smaller yachts.

The move also represents Amlin’s focus on diversifying its underwriting portfolio to balance its overall risk exposures and thereby enhance the group’s long term profitability.

Amlin chief executive Charles Philipps said that the acquisition of Lead Yacht is a tremendous opportunity for Amlin to build on the success of its existing yacht business through growth into the super-yacht class.

"Lead Yacht is a proven leader in its field and its quality management team, led by Allan Norton, and specialist underwriting knowledge will provide Amlin with an excellent platform from which to develop this business in the future," Philipps said.

The transaction remains subject to the approval of the change of control by the Financial Services Authority.