Randall & Quilter's underwriting agency, R&Q MGA has established a Lloyd's consortium to offer insurance coverage for global yacht and small vessel owners.

Managed by R&Q Marine Services, the Yacht and Small Vessel Consortium 9977 will be able to grant binding authorities on a global basis for values of up to £2m per yacht.

Led by Montpelier syndicate 5151, the consortium features underwriting capacity for commercial vessels of up to £5m in value, including passenger vessels, pilot boats, dredgers, as well as workboats and support vessels.

R&Q MGA chief executive Nick Hales said the establishment represents another positive development as the company continue to expand its marine services offering.

Cover will include access to a 24 hour claim line provided by a third party adjuster, whereas coverholder support will be available through access to the consortium manager and underwriters led by Paul Miller.

Randall & Quilter Investment Holdings owns and manages insurance companies in run off in the UK, US, Continental Europe, Canada, and Bermuda.