Lodestar Marine (Lodestar) is pleased to announce a new agreement to provide Protection & Indemnity insurance (P&I) to the owners and managers of small and specialised ships with Aspen Insurance (“Aspen”), the insurance segment of Aspen Insurance Holdings Limited.
Image: Lodestar Marine and Aspen Insurance form partnership. Photo: Courtesy of RSG Underwriting Managers Europe Limited.
Lodestar now provides cover up to $50 million backed by Aspen with an additional $450 million capacity added by way of an excess of loss policy placed with certain Lloyd’s of London syndicates and company market security (A rated with S&P). Lodestar continues to provide claims handling services.
John Hearn, joint Managing Director of Lodestar, said: “We are delighted to work with Aspen, strengthening their relationship further with our parent company Ryan Specialty Group. We share a likeminded approach to business and similar values towards those with whom we deal. Aspen provides us with a solid platform to expand our P&I offering.”
Charles Dymoke, joint Managing Director of Lodestar, added: “In what has been a turbulent time for the fixed premium P&I market, we are pleased to have found a stable partner in Aspen. It is important that we have the support of a company that understands our industry and are committed to developing it further.”
Jorge Pecci, RSG Marine Practice Leader, commented: “Aspen and Lodestar prioritize technical underwriting and focus on loss prevention services to help customers manage their risk exposures effectively. This new agreement brings together Aspen’s and Lodestar’s significant marine industry experience, underwriting expertise and specialized claims management experience.”
Source: Company Press Release