Rhode Island-based Falvey Insurance Group will no longer underwrite insurance policies for the yacht, luxury yacht and charter communities, the company announced in a statement.
Falvey President Mike Falvey made the announcement on Nov. 20, citing the uncertain future of the yacht market as the primary motivation for the closing, as well as the need to focus on the market-leading positions in cargo and marine pollution.
“Despite the hard work and commitment of growing both yacht and charter, Falvey Insurance Group is making a difficult, but necessary choice in order to focus our resources and energy on our current and upcoming ventures where the opportunities are greater,” he said.
Falvey Yacht Insurance was headquartered in North Kingstown, Rhode Island, with an office in Fort Lauderdale
For more information, visit www.falveyinsurancegroup.com.