Starr Insurance Companies has signed an agreement to acquire the renewal rights of Aspen Insurance’s aviation business.
Image: Starr Insurance acquires Aspen Insurance’s aviation business. Photo: Courtesy of patrisyu/FreeDigitalPhotos.net
The value of the aviation book is estimated to be in excess of $50m in gross written premiums.
In conjunction with this agreement, Starr will also manage all underwriting and claims administration on current business, as well as manage the run-off of Aspen’s aviation claims and reserves from prior years. This follows Aspen’s announcement last week that they will exit the aviation insurance market.
C.V. & Co chairman and CEO Maurice R. Greenberg said: “This agreement will provide Aspen customers with a seamless, efficient way to transfer their business to one of the world’s leading aviation insurance carriers.
“Starr’s aviation clients benefit from our extensive industry experience, world-class underwriting, loss control and our A.M. Best ‘A’ rated financial strength. The aviation business will continue to be a focus for us for years to come.”
Starr’s aviation group provides a wide range of specialized, tailored insurance programs to aviation companies and their employees around the world, including commercial and regional airlines, aircraft and aerospace manufacturers, charter and cargo operations, corporate fleets, private pilots and light aircraft, aviation service providers, and airports and fixed-base operators.
Source: Company Press Release