Specialty underwriting platform elseco has entered into an agreement with global specialty insurer StarStone to acquire Malakite Underwriting Partners Ltd., its Dubai-based managing general agent (MGA), as well as the renewal rights to StarStone’s Zurich airline & products portfolio.
Under the terms of the strategic partnership, StarStone will continue to provide underwriting capacity to the MGA and the airlines and products portfolio via StarStone SE, its European operation.
At the same time and to extend the support across all elesco specialty lines of business, StarStone is to front for selected third-party capacity providers.
The new agreement also sees the Zurich-based airlines and products team, which is led by Head of Aviation Richard Etridge, and the MGA’s Managing Partner, Giles Hussey, transfer to elesco. Both Etridge and Hussey will continue to underwrite their current portfolios under the elesco brand.
Furthermore, the agreement sees elesco establish a presence in Zurich. The agreement is expected to close in the first-quarter of 2019, subject to regulatory approvals.
elesco Founder and Chief Executive Officer (CEO), Laurent Lemaire, said: “This signals the start of an exciting partnership with StarStone. There are considerable synergies between our companies, and with this deal all clients will benefit from our extensive in-house capabilities, technology-driven model and broad pool of capacity providers in specialty lines. I look forward to welcoming Giles, Richard and their teams on board.”
StarStone’s Group Chief Underwriting Officer (CUO), David Message, added: “StarStone is undergoing a repositioning of our airlines & products and Middle Eastern business to deliver the very best in customer service and enhance our capabilities in these areas. This new strategic partnership with elseco allows us to leverage elseco’s established market position and strengthen our offering while creating value.”
