Global Marine Insurance Agency

What Global Marine Insurance Agency does

Global Marine Insurance Agency is a specialty insurance agency founded in 1989 and headquartered in Traverse City, Michigan, focused exclusively on marine insurance products for boats, yachts, mega yachts, personal watercraft, sailboats, and commercial marine businesses. The agency operates as a division of Specialty Program Group, LLC (also doing business as SPG Insurance Solutions) and is licensed in all 50 U.S. states, with cruising extensions to Canada, the Bahamas, and Mexico enabled through surplus carrier relationships. Its core technology platform includes an instant comparative quoting system and an online broker portal (quotecommand.com) that aggregates multiple A and A+ rated carrier partners including Hanover, Chubb, AIG, Markel, American Modern, Progressive, and Travelers.

The company distributes through three primary channels: direct sales (phone, email, online quote forms), a national network of independent insurance agents and brokers served by a dedicated broker operations team, and referral relationships with boat dealers, marinas, and marine businesses. Regional producers in Florida, Texas, and Washington support enterprise and mega yacht accounts, with regional offices in Seattle, Merced, and Miami supplementing the Traverse City headquarters. Product breadth spans recreational vessel coverage (boat, yacht, mega yacht, sailboat, PWC) and commercial marine lines (dealer inventory, marina operators, yacht clubs, water sports facilities, charter operators), with a boat extended warranty offered through a third-party partnership with Global Product Protection.

Revenue is generated through carrier commissions and fees on insurance premiums, with no publicly disclosed pricing tiers given the quote-based nature of marine underwriting. The agency employs 11-50 staff and is led by a management team that includes a President, Executive VP and Co-Owner, VP of Business Development, and dedicated heads of underwriting, claims, broker operations, and marketing. Customers include individual boat owners, mega yacht owners, insurance intermediaries (e.g., HUB International, Parks Insurance Group), and notable marine businesses such as Sanlorenzo Americas, Walstrom Marine, Russo Marine, and Anderson Boat Marina, alongside corporate accounts like Lockheed Martin RMS.

Name

Global Marine Insurance Agency

Legal name

Global Marine Insurance Agency

Website

https://globalmarineinsurance.com

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

11–50 employees

Short description

Global Marine Insurance Agency is a Traverse City, Michigan-based specialty insurance agency founded in 1989 that provides boat, yacht, mega yacht, PWC, and commercial marine insurance across all 50 U.S. states, operating as a division of Specialty Program Group, LLC.

Ownership category

akta.pro rank

Product category

Marine Insurance

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

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

akta.pro primary industry

Yacht & Pleasure Craft Insurance (FSAJAHAI)

akta.pro secondary industry

Ocean Marine Insurance (Hull, Cargo & Freight) (FSAJAHAA)

Keywords

• Marine insurance
• Boat insurance
• Yacht insurance
• Commercial marine coverage
• Personal watercraft insurance

Headquarters

HQ city

Traverse City

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Insurance Premium Revenue: Commissions and fees from representing multiple insurance carriers offering boat, yacht, personal watercraft, and commercial marine insurance. Acts as an insurance agency/broker earning revenue from carrier partnerships.
2. Policy Services: Payment processing through partner portals including Paysimple, carrier websites (MyHanoverPolicy, Chubb Payments, amig.com, mytravelers.com). Payment plans available through most represented companies.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Global Marine Insurance Agency is an independent marine insurance agency that sells boat, yacht, personal watercraft, sailboat, and commercial marine insurance by representing multiple A-rated insurance carriers. Founded in 1989 and headquartered in Traverse City, Michigan, the agency operates across all 50 U.S. states with cruising extensions to Canada, the Bahamas, and Mexico, and offers both consumer vessel coverage and commercial marine business policies.

Product overview

Global Marine Insurance Agency operates as a marine insurance specialty agency offering a portfolio of insurance products centered on boat and yacht coverage. The core product suite consists of Boat Insurance (for vessels 26 feet or smaller) and Yacht Insurance (for vessels 27 feet and larger), supplemented by specialized mega yacht insurance for luxury vessels, sailboat insurance, and personal watercraft insurance. Commercial offerings include commercial marine insurance, marina and boat dealer insurance, and water sports insurance. A boat extended warranty program is available through a third-party partnership. The agency represents multiple major insurance carriers and has been in operation since 1989, offering coverage across all 50 U.S. states with cruising extensions to Canada, the Bahamas, and Mexico.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• One of the leading marine insurance agencies in North America since 1989
• +2 more outcomes

Named customers16 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• National Marine Bankers Association (NMBA)coreStrategic or Co-development PartnerIndustry association membership supporting the marine banking and lending industry. Global Marine's Executive VP and Co-Owner Mike Smith serves as an active board member.
• Michigan Boating Industry Association (MBIA)coreStrategic or Co-development PartnerState industry association supporting Michigan boating industry. Global Marine is a member and supporter.
• Inland Seas Education AssociationminorStrategic or Co-development PartnerCharitable supporter of maritime education organization promoting hands-on learning about Great Lakes sailing and ecology.
• Maritime Heritage AllianceminorStrategic or Co-development PartnerCharitable supporter of organization dedicated to preserving maritime heritage and traditional boatbuilding.
• The Hanover Insurance GroupcoreTechnology or IntegrationA-rated (A by A.M. Best) insurance carrier partner providing boat and yacht insurance products. Payment options include recurring EFT, credit/debit cards, and online portal.
• Chubb Personal Risk ServicescoreTechnology or IntegrationA+ rated (Superior by A.M. Best) insurance carrier partner. World's largest publicly traded P&C group offering personal marine coverage. Payment options include Visa, Mastercard, Discover, Amex, and EFT.
• AIG (American International Group)coreTechnology or IntegrationA-rated insurance carrier partner serving commercial, institutional, and individual customers in 100+ countries. Payment available through online portal and phone.
• Markel American Insurance CompanycoreTechnology or IntegrationA-rated carrier specializing in marine insurance for over 30 years with products for boats, yachts, PWCs, and commercial risks. Payment via Visa, Mastercard, Discover, ACH.
• American Modern Insurance GroupcoreTechnology or IntegrationSubsidiary of Munich Re with A+ Superior rating. Specialty insurance provider since 1965 offering marine coverage. Payment via phone, credit card, ACH, or mail.
• ProgressivecoreTechnology or IntegrationA+ rated carrier partner known for competitive rates and 24-hour service. Progressive clients file claims at 800-776-4737.
• TravelerscoreTechnology or IntegrationA-rated carrier with 160+ year history and multiple market segments. One of the nation's largest P&C companies with international presence.

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• BoatUS: BoatUS is the largest boating-focused organization in the US and operates a marine insurance agency (now owned by GEICO) selling boat, yacht, and PWC policies. It is the closest direct competitor to Global Marine given matching product mix, target customer (boat owners), and agency/brokerage model.
• Hagerty Insurance Agency: Hagerty is a specialty insurance agency offering agreed-value coverage for classic boats, yachts, and watercraft alongside cars. Comparable to Global Marine in its enthusiast-focused, hobby-vehicle insurance niche served via an agency distribution model analogous to GMIA's broker/dealer channel.
• National Marine Underwriters (NMU): National Marine Underwriters is a marine insurance program administrator writing recreational marine and yacht business through a wholesale/retail brokerage network. Comparable to Global Marine in marine specialization, multi-carrier access, and broad recreational and commercial marine product suite.

Broad incumbents

• Lockton Marine: Lockton is one of the largest independent insurance brokers globally with a dedicated marine practice covering yacht, marine cargo, and commercial marine. Comparable to Global Marine as a marine insurance intermediary for high-value marine risks, but operating at meaningfully larger scale and broader product line.
• Marsh (Marine & Energy practice): Marsh operates a global Marine & Energy broking practice covering hull, P&I, cargo, and yacht. Comparable to Global Marine in marine insurance intermediation, but with global scale, institutional client base, and broader portfolio of specialty and commercial products.
• Foremost Insurance Group: Foremost is a specialty carrier (a Farmers Insurance group company) writing boat, marine, and recreational vehicle coverage directly and through agents. Comparable to Global Marine as a marine insurance provider, but operates as a carrier rather than an agency and competes for the same end customer.
• Progressive: Progressive writes boat, PWC, and recreational marine insurance directly to consumers and is one of Global Marine's carrier partners. Comparable as a marine insurance writer serving the same boat-owner segment, but with materially larger direct-to-consumer brand and nationwide scale.
• Markel Insurance: Markel is a specialty insurer with a long-standing marine practice (Markel American) covering boats, yachts, PWC, and commercial marine. Comparable to Global Marine in marine specialization, but operates as a carrier with admitted and surplus capabilities rather than as an agency.
• Chubb Personal Risk Services: Chubb's Personal Risk Services writes high-net-worth marine and yacht insurance directly and through agents. Comparable to Global Marine in the mega yacht and high-net-worth marine segment, but as a carrier covering broader personal lines including homeowners and umbrella.
• GEICO Marine Insurance: GEICO now owns BoatUS and its marine insurance program, making it a direct competitor and aggregator in the recreational marine insurance market. Comparable to Global Marine as a high-volume marine insurance distributor, but with significantly larger customer base and direct carrier economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/globalmarineinsurance
• LinkedInlinkedin.com/company/global-marine-insurance-agency
• Instagraminstagram.com/globalmarineins
• Xx.com/globalmarineins

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

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 Global Marine Insurance Agency