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 pound 2m per yacht.

Led by Montpelier syndicate 5151, the consortium features underwriting capacity for commercial vessels of up to pound 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.