When it comes to fully understanding the complexities of marine racing insurance the Lex Group’s Richard Henry is the man to talk to.
Born in in Ireland but now based in London, Henry is a passionate sailor with 40 years of experience as a marine racing insurance broker. He has been involved in the last four America’s Cups and has insured numerous yachts for racing around the world. Henry founded the RC44 class with Sir Russell Coutts – a circuit with which he is still involved – and he and his team have an intricate knowledge of marine insurance, especially with regard to racing yachts.
Seahorse Magazine recently sat down with Henry to quiz him about his business.
What is the target market for Lex Group?
50 feet plus – values £200k to £10m Racing yachts.
Richard, how do you differ from other marine insurance brokers?
The Lex Group is a boutique insurance broker that offer clients a sophisticated personal service as Trusted Advisor and Partner. All our clients have my mobile number to contact me whenever needed. I believe my principal skill is to make insurance easily understood by the boat owner.
How does Lex Group deal with claims?
We handle all claims from start to finish. Having dealt with countless loss adjusters, I don’t suffer fools gladly. Our clients find it incredibly reassuring that my team and I represent them. These claims can be very complex and time-consuming, which is a critical part of my role.
Jean-Sébastien Chénier Proteau,
CEO – Canada SailGP Team
Can you often save clients money?
The key point is to ensure that we have a detailed knowledge and understanding of each potential client, so the required cover can be obtained from A-rated insurers. If the yacht is U.S. flagged, we have found that changing the flag can save a significant sum in the long run. We guide clients with the utmost care in doing this from start to finish.
Do you have access to markets for racing yacht insurance, which is increasingly difficult to find?
Due to the loss ratio, there is a limited capacity to insure racing yachts; often markets come and go. We have access to A- rated insurers that will provide terms for racing yachts. Racing yachts cover a broad range of craft, and some types of boats (i.e., Offshore Catamarans) are hard to obtain terms for.
How do interested yacht owners get in touch?
Please email me at to see how we can work together.
About the Lex Group
As a boutique regulated insurance broker and Trusted Advisor to many clients, The Lex Group offers you a risk advisory services and optimise insurance and risk financing programs in many sectors, including sailing. The Groups expert marine team has structured insurance solutions for many of the world ‘s top sailors and racing classes, including America ‘s Cup teams over the last 4 Cups along with TP 52 and RC 44 classes and many more. With 30+ years’ experience, Lex has exclusive access to A-rated insurers at Lloyds of London and markets. We understand the risks our clients face.
Lex are specialist providers of superior products to the sailing industry. Lex has insured most of the world ‘s top sailors and racing classes, including many of the America ‘s Cup teams over the last four cycles along with TP 52 and RC 44 classes and many more. With 30 + years’ experience, Lex has exclusive access to A-rated insurers at Lloyds of London and internal markets.
We look forward to your request for a pro bono assessment, so we can understand how we can work together.