Allied World Company Holdings (AWH) and property and casualty insurer Markel International have entered into an agreement, whereby AWH will acquire the renewal rights to a book of aviation business written by Lloyd's Syndicate 1400 and Markel Europe.
AWH, a Swiss specialty insurance and reinsurance company said that the business includes airline, aerospace and general aviation classes.
Under the terms of the agreement, Markel underwriting team headed by Olivier Marre has joined Allied World Europe, to ensure continuity of service and coverage to clients and brokers.
In May, Markel acquired the aviation book of business as part of its acquisition of Alterra Capital. Required regulatory approvals for this transaction have been received from the Central Bank of Ireland and Lloyd’s.
Allied World Europe president Julian James said, "By expanding into this market, we are taking another step in the strategy of building out our European business in areas where we believe we can make a meaningful impact."
Markel International president and chief operating officer William Stovin commented, "This is a good deal for all of us which allows Markel to focus on its core lines of business while Olivier and his team can continue to look after a book of business it knows well."
Allied World Assurance, through its subsidiaries offers property, casualty and specialty insurance and reinsurance products and services.
Markel International writes insurance and reinsurance business through eight divisions and offices across the UK, Europe, Canada, Latin America and Asia Pacific.