Member Updates June 27, 2016
As reported in the South Florida Business Journal, Atlass Insurance announced that it has been acquired by Boston-based Risk Strategies Co. The brokerage and risk management firm for the marine industry adds a yacht and boat insurance specialist to Risk Strategies’ portfolio and marks its entry into the Florida market. The move is expected to benefit the firm’s high net-worth-clients. Founded in 1981, Atlass Insurance is headquartered in South Florida with branches in Cocoa and Rhode Island, where they will continue to operate after the acquisition.
ACR Electronics, a Drew Marine Company, announced they are celebrating their diamond anniversary this year. Over the past 60 years ACR has manufactured lifesaving equipment for military forces, the aviation and space programs, as well as for maritime and outdoor enthusiasts from around the world. Dating back to the 1970 penlight that helped save the crew on the Apollo 13 mission, ACR lights have led troops through treacherous nights. ACR maritime safety gear remains the overwhelming choice of the US marine market and ACR’s aviation brand ARTEX has quickly become the industry leader in emergency aviation gear. ACR beacons have been activated to save thousands of people at sea and on land.
Renovations and repairs continue at Lauderdale Marine Center, which recently completed its five new 150’ wet slips. LMC, along with MIASF members Engineered Yacht Solutions, Inc., High Seas Yacht Service, and Fine Line Electric, have collaboratively embarked on a major refit of M/Y Bad Company. The 144′ Trinity will be undergoing an engine replacement, hull paint and other significant modifications. The project is expected to take six months.
Dennison Yacht Sales has announced the opening of a Daytona Beach office, the company’s sixth location in the Sunshine State. The new Denison office is led by yacht broker Bobby Parker. The partnership’s immediate focus will be taking care of brokerage clients, and will be looking at new boat opportunities in the near future. In addition to Parker, the office will be supported by brokers, Mike Mahoney and Sam Swanger.
Bahamas Billfish Tournament, an Active Interest Media company, has a new marlin tournament in Cuba, the Gamefish Grand Championship. The first of two tournaments will be held at the all-new 1,100 slip marina, Gaviota Varadero. The format will include three days of fishing from June 25th through June 28th. Varadero boats will then travel to Havana for the final tournament from June 29th through July 2nd, with hosts The Club Nautico Internacional Hemingway de Cuba and Cuba Travel Services.
Stonegate Bank now has the ability to issue both credit and debit cards authorized for American’s use in Cuba. Pompano Beach-based Stonegate Bank announced on June 15th that it will issue the first U.S. Mastercard credit card for use in Cuba, making it easier for Americans who travel and work there. Pursuant to exemptions initiated after the declaration of détente with Cuba in December 2014, Stonegate opened an account for the Cuban government and subsequently became the first institution to issue a U.S. debit card. Cash advances will still be prohibited, but the 10% exchange penalty is expected to be eliminated. For more information contact, Pam at email@example.com.
MarineMax announced that it has expanded its financing facility to provide for borrowings of up to $300 million, an increase of $40 million according to an article in BoatingIndustry magazine. The expanded facility has a three-year term, with two one-year options to renew. The move was predicated on MarineMax’s future industry improvement and strong demand for new models from its manufacturing partners.