What Ahoy Insurance does

Ahoy Insurance (legal entity: Ahoy MIT LLC) is a digital Managing General Agent (MGA) that underwrites and distributes recreational boat and yacht insurance in the United States, operating across 42+ states with headquarters in New York and a regional office in Fort Lauderdale, Florida. The company offers two core products: an Admitted Pleasure Watercraft Insurance product for vessels valued under $500,000 (underwritten by Spinnaker Insurance Company, rated A- by A.M. Best) and an Excess & Surplus Yacht Insurance product for vessels valued between $500,000 and $3.5 million and up to 95 feet in length (underwritten at Lloyd's). Its technology stack is anchored by a proprietary mobile application featuring AI-powered OCR for boat registration documents, sailing auto-detection for automatic phone overboard protection, real-time weather and safe-navigation alerts, photo-based self-inspection for deductible reduction, and integration with Boat Fix telematics for remote boat health monitoring.

Ahoy employs a hybrid go-to-market model spanning direct-to-consumer digital self-service through its website and mobile app, an agent portal powering independent insurance agents, and strategic distribution partnerships—including a flagship agreement with Smart Choice granting access to 10,000+ independent agencies, plus channel partnerships with Vantage Recreational Finance, American Sailing, and Roamly. Revenue is generated through recurring insurance premiums collected monthly or annually, with the company earning agency commissions on policies placed with its carrier partners, supplemented by tiered agent commissions tied to Gross Written Premium volumes. Pricing is quote-based on vessel characteristics, geography, coverage limits, and deductible selections, with installment fees on monthly billing and a 5% discount for annual pay-in-full. Customer segments are primarily recreational boaters (individual policyholders) and independent P&C/marine agents, with secondary exposure to high-net-worth yacht owners requiring E&S coverage.

The company was founded in 2021-2022 by a team of naval officers, insurance executives (including alumni of USAA and EY's Fintech practice), and technology entrepreneurs, and raised $9 million in November 2021 from MS&AD Ventures and Saban Ventures. It won the Best Emerging InsurTech award at the InsurTech Hartford Innovation Challenge in 2022, expanded into California in October 2022 (one of the largest US boating markets), entered Florida in February 2025 (the world's largest boating market with over 1 million registered boats), and announced its Smart Choice agency-network partnership in May 2026 to scale agent-driven distribution nationally.

Name

Ahoy Insurance

Legal name

Ahoy MIT LLC

Website

https://ahoy.insure

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

11–50 employees

Short description

Ahoy Insurance is a digital Managing General Agent providing recreational boat and yacht insurance across 42+ US states through a proprietary mobile app, agent portal, and strategic carrier partnerships with Spinnaker and Lloyd's.

Ownership category

akta.pro rank

Product category

Marine Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Insurance Agencies and Brokerages (524210), Direct Insurance (except Life, Health, and Medical) Carriers (52412)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Yacht & Pleasure Craft Insurance (FSAJAHAI)

akta.pro secondary industries

Marine Specialty (Hull/P&I/Cargo) (FSAJAGAJ), Protection & Indemnity (P&I) / Marine Liability Insurance (FSAJAHAH)

Keywords

• Boat insurance
• Yacht insurance
• Marine insurance
• Recreational marine coverage
• Boat insurance agency

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Premium Revenue: Collection of recurring insurance premiums from policyholders on a monthly or annual basis. Premiums are calculated based on boat characteristics, geography, coverage limits, deductibles, and risk factors. Company acts as insurance agency earning commissions from carrier partners.
2. Agent Commission Revenue: Tiered commission structure for independent agents based on Gross Written Premium volume through the Smart Choice partnership network.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels7 records

Core offering

Ahoy Insurance is a digital boat insurance Managing General Agent (MGA) selling recreational boat and yacht insurance coverage across 42+ U.S. states. It offers Admitted Pleasure Watercraft Insurance (vessels under $500K, underwritten by Spinnaker Insurance) and E&S Yacht Insurance (vessels 50–95 feet valued $500K–$3.5M, underwritten through Lloyd's). Coverage is delivered via a self-serve online platform and a proprietary mobile app that adds sailing auto-detection, phone overboard protection, weather alerts, boat self-inspection, and 24/7 First Mate support.

Product overview

Ahoy! Insurance offers two core insurance products: an Admitted Pleasure Watercraft Insurance program for boats valued under $500,000 with comprehensive coverage, and an Excess & Surplus (E&S) Yacht Insurance product for vessels valued between $500,000 and $2.5 million. These are complemented by a proprietary mobile app that provides technology features including phone overboard protection, weather alerts, safe navigation, and boat self-inspection capabilities. The company also provides an Agent Portal for independent agencies to quote, bind, and service policies. The Admitted Product is underwritten by Spinnaker Insurance while the E&S Product is underwritten by Lloyd's.

Differentiator

Problem solved

Functional benefit

Products and services

• Admitted Pleasure Watercraft Insurance Comprehensive boat insurance for recreational pleasure watercraft (bass boats, cabin cruisers, fishing boats, pontoon boats, power boats, sailboats) valued under $500,000 with up to 3 engines. Includes liability, comprehensive/collision, uninsured boaters, medical, on-water towing, fishing equipment (up to $10K), roadside assistance, boat rental reimbursement, and personal effects coverage. Available via self-serve online quote and mobile app. Underwritten by Spinnaker Insurance Company.
• Yacht Insurance (E&S Product) Excess & Surplus yacht insurance for vessels 50 to 95 feet in length or valued between $500,000 and $2.5–3.5 million. Provides specialized coverage with fewer restrictions than the admitted product, including international navigation support. Underwritten by Lloyd's. Pay-in-full only with no monthly payment option.
• Boat Fix Device and 24/7 Boat Owner Support Services Bundle Annual subscription service bundle offering a complimentary Boat Fix device plus 24/7 boat owner support services including location tracking, battery and engine health monitoring, and a mechanical advisory hotline, for $179 per year. The Boat Fix device retails for $299.

Quantifiable outcome

• Agencies report 40% increase in close ratio after partnering with Ahoy Insurance
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability4 records

Feature7 records

Partnerships

Eight partnerships are on record, tiered flagship, core and minor.

• Smart ChoiceflagshipChannel Partner/ Reseller/ Distributor · 4 May 2026Strategic partnership to provide digital-first recreational boat insurance to Smart Choice's network of over 10,000 independent agencies across the United States. The platform enables agents to quote, bind, and service boat policies with real-time data and automation, covering pleasure watercraft up to $500,000 and yachts up to $3.5 million. Collaboration includes tiered commission structure based on Gross Written Premium.
• Spinnaker Insurance CompanycoreOthersPrimary insurance carrier partner providing coverage for Ahoy's admitted boat insurance products. Rated A- (Excellent) by A.M. Best. Coverage subject to specific policy terms and conditions.
• Lloyd'scoreOthersUnderwriting partner for Ahoy's E&S (Excess & Surplus) product covering boats valued between $500,000 and $2.5-3.5 million. Lloyd's provides specialized coverage with fewer restrictions than admitted product.
• American SailingcoreGTM or Marketing PartnerStrategic partnership providing American Sailing members with access to Ahoy's boat insurance products and bespoke features. Partnership announced November 2023.
• RoamlycoreStrategic or Co-development PartnerPartnership with Roamly (digital insurance platform for RVs and boats) as one of eight major national carriers in Roamly's Florida expansion. Roamly offers Ahoy's marine insurance products alongside RV and motorcycle coverage.
• VOOM InsuranceminorGTM or Marketing PartnerPartnership with VOOM (pay-per-mile motorcycle insurance) to provide Ahoy boaters access to motorcycle insurance. Targets dual enthusiasts who enjoy both boating and motorcycling.
• Vantage Recreational FinancecoreChannel Partner/ Reseller/ DistributorDistribution partner for boat financing integration, allowing financing companies to offer Ahoy insurance alongside boat loans.
• SaferboaterminorOthersEcosystem partner in the boating safety community, collaborating on safety initiatives and mutual brand exposure.

Scale indicators7 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• BoatUS: BoatUS is the largest recreational boating membership organization in the U.S. and offers boat insurance through GEICO, directly competing with Ahoy in the recreational boat/yacht insurance market with deep boating-community roots and broad agent reach.

Broad incumbents

• GEICO Marine Insurance: GEICO offers boat and personal watercraft insurance as part of its broader P&C portfolio, leveraging massive brand awareness, multi-line bundling discounts, and an extensive agent/digital footprint that competes with Ahoy across all 50 states.
• Progressive Marine Insurance: Progressive underwrites boat insurance as an extension of its auto franchise, competing on bundling, brand, and direct digital quoting — directly comparable to Ahoy's direct-to-consumer motion.
• Foremost Insurance Group: Foremost specializes in recreational vehicles including boats, RVs, and motorcycles, distributed through independent agents — directly comparable to Ahoy's admitted recreational watercraft product and agent-led GTM.
• Markel Insurance: Markel is a long-standing specialty insurer with a dedicated Marine and Boatowners program, competing in the same yacht and recreational marine segments Ahoy addresses — particularly the E&S book above $500K.
• American Modern Insurance Group: American Modern is a leading specialty P&C carrier with a significant recreational marine book, distributed via independent agents and program administrators — overlapping with Ahoy's admitted product and agent channel.
• Hiscox Marine: Hiscox offers specialty marine and yacht insurance through brokers, comparable to Ahoy's E&S/Lloyd's-backed yacht product for higher-value vessels and complex risk profiles.
• Allstate Boat Insurance: Allstate offers boat insurance as part of its broad P&C suite, leveraging national brand, bundling discounts, and an extensive agent network — directly comparable to Ahoy across most U.S. states.

Emerging players

• Roamly: Roamly is a digital insurance platform for RVs and boats that partners with Ahoy as one of its carrier products — both target the same digital-first recreational vehicle insurance buyer with overlapping channel strategies.
• Lemonade: Lemonade is a tech-first digital insurance carrier applying AI to underwriting and claims — not a direct marine competitor, but a comparable insurtech archetype demonstrating how digital-native models can scale in specialty insurance categories.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/ahoy_insurance
• YouTubeyoutube.com/@ahoyinsurance
• Facebookfacebook.com/AhoyInsurance
• LinkedInlinkedin.com/company/ahoy-insurance
• Instagraminstagram.com/ahoyinsure

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds2 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ahoy Insurance