BAVARIA AG is celebrating a milestone – it will be 50 years old in 2023. Sandra Ahrabian, the CEO and owner of BAVARIA AG, explains her recipe for success.
Fifty years in yachting is a long time. When you look at the history of your company – what are your milestones or strongest memories?
Sandra Ahrabian: I still remember the atmosphere when my father built up the company – with a typewriter, dial telephone, and even full ashtrays were part of it. He sailed with my mother on the Bavarian lakes, met other owners and actually always came home with new leads. This was so successful that my father concentrated on boat insurance from then on and increased his customer base from week to week, so to speak.
The accident of the “Golden Eye”, which fell out of the crane just before the boot Düsseldorf, was really decisive. We had insured the 35-metre yacht and settled the claim very quickly. As a result, we received attention in the press all over the world and, as a consequence, a lot of enquiries for large yachts.
We also grew very strongly once again through the transformation of BAVARIA into a well-capitalised public limited company in 2012. Today, tens of thousands of owners trust in our expertise and, above all, appreciate the personal commitment of BAVARIA AG.
Did business take off due to a loss?
Yes, exactly, at least with the larger yachts from 30 to 35 metres in length. In the meantime, we insure numerous ships of this size and even much longer ones that are located throughout the Mediterranean and the neighbouring countries. This is another reason why we have an office in Palma de Mallorca. BAVARIA AG is one of the most important players in the yacht insurance segment. Nevertheless, the distances are short. Whoever calls us always gets a person on the phone and not a machine.
You also insure aircraft. How did that come about?
Ultimately through my father’s second hobby, next to sailing. We took a very disruptive approach to this market, which was almost dominated by monopolists at the time, and got a strong response. Our initiative made the industry more diversified, which I am still happy about today. The private jet segment is booming, as is the yacht segment.
Where does BAVARIA AG stand today? And what are you planning for the coming years?
We have a portfolio of well over 50,000 policies in the yacht and aircraft insurance segment and achieve a good annual turnover. More than 200 intermediaries throughout Europe recommend BAVARIA AG insurance coverage, and we are always on the lookout for more. Experts are available at all strategically important locations in yachting in the event of a claim. In addition to the headquarters in Munich, BAVARIA AG has branches in Hamburg, Palma de Mallorca and Antibes. Further branches are planned, and not only around the Mediterranean.
Does expansion mean that you continue to have a positive view of the boat and yacht market?
Yes, that is my conviction. But our expansion over the past 50 years also means that we offer the right service and that our customers trust us.
On the other hand, a young group of buyers is growing up who are enthusiastic about yachting. Especially for the upper segment, there will tend to be more and more buyers. The shipyards just have to adjust to a younger clientele that certainly has different ideas than their parents. We, too, are intensively involved with this new generation of owners and are committed to this as a sponsor of young sailors at a world-class level, in racing and in international golf tournaments.
So surviving on the market for a long time also means adapting again and again?
First of all, of course, you need excellent products and excellent employees. But it is true; every successful company has to adapt again and again. We will position BAVARIA AG even more sustainably where we currently are – also as a leader in Europe for the next 50 years.
