Lodestar Marine has entered into a new agreement with Aspen Insurance, the insurance arm of Aspen Insurance Holdings Limited, that sees Lodestar provide Protection and Indemnity (P&I) insurance to the owners and managers of small and specialised ships with Aspen.
Under the agreement, Lodestar will now provide protection up to $50 million backed by Aspen, with a further $450 million of capacity added through an excess of loss policy with certain Lloyd’s of London Syndicates and company market security (A rated with S&P).
According to an announcement, Lodestar will continue to provide claims handling services under the new partnership.
Lodestar’s joint Managing Director, John Hearn, 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.”
Joint Managing Director at Lodestar, Charles Dymoke, 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.”
While Jorge Pecci, RSG Marine Practice Leader, said: “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.”
