Reinsurance News
Your search for “aviation”
Aviation lessors contest insurance dispute hearings in Russia: Reuters
10th July 2023
A host of over 40 aviation leasing firms who are struggling with insurers over who should bear up to $10 billion in costs for 400 jets stuck in Russia are urging the High Court to allow a reinsurance dispute to be heard in London, not Moscow, according to a recent ... Read the full article
Aviation reinsurance market faces challenges and uncertainty: Gallagher Re
5th July 2023
The aviation reinsurance market continues to grapple with challenges and uncertainty, according to global reinsurance broker Gallagher Re's latest report on the aviation insurance market. While there are some signs of improvement in aviation retro capacity levels, the overall landscape "remains fragile". Pricing in the aviation reinsurance market has been hardening as ... Read the full article
SiriusPoint partners with aviation program administrator Air Centurion
12th June 2023
Aviation program administrator (PA) Air Centurion has announced a strategic partnership with SiriusPoint, a global specialty re/insurer. Starting from August 1, 2023, SiriusPoint will provide capacity to the PA, as well as collaborating on its underwriting strategy and product offering development. According to the announcement, Air Centurion will exclusively use SiriusPoint America ... Read the full article
Chubb sets up aviation hub in Singapore, to be led by Alastair Stuart
5th June 2023
Chubb has announced the establishment of an aviation hub in Singapore to further develop its general aviation and aerospace business. The Singapore aviation hub is part of a strategic regional focus for the aviation team from Chubb Global Markets. It currently comprises Chubb's London Market wholesale and specialty arm and the ... Read the full article
Canopius launches aviation reinsurance business, hires Head of Aviation Treaty
16th May 2023
Canopius Group, a global specialty re/insurer, has announced the launch of its aviation reinsurance business with the appointment of Andrew Hartley as Head of Aviation Treaty, London. Hartley is an industry veteran with over four decades of experience that he will bring into his new role. Alois Rouffiac, the UK Chief Underwriting ... Read the full article
Lancashire Holdings CEO expects aviation portfolio growth by year end
4th May 2023
Alex Maloney, the Chief Executive Officer (CEO) of Lancashire Holdings Limited, expects the re/insurer's aviation portfolio to grow by the year end. “We're overall pretty confident that we'll be able to grow our aviation portfolio at the end of the year,” Maloney said in Lancashire's recent first-quarter earnings call. He explained that ... Read the full article
Hard market for aviation reinsurance to continue: Gallagher Re
14th April 2023
As aviation reinsurance continues to recover from large losses caused by a number of challenges in the last few years, the medium-term outlook suggests that the market will remain hard for some time to come, according to a recent Gallagher Re report. The market has gone through a turbulent few years, ... Read the full article
Challenging times for aviation, specialty lines remain attractive to reinsurers: Aon’s Skilton
21st March 2023
Aviation lines face challenging reinsurance renewals in 2023, yet specialty lines continue to provide reinsurers with opportunities, according to Aon’s Global Head of Specialty and Aviation, Mark Skilton. Having experienced complex and challenging reinsurance renewals on January 1st, aviation insurers face an uncertain market in 2023, a trend that according to ... Read the full article
Will Green to lead aviation war risks at TMK
8th March 2023
Global specialist insurance company Tokio Marine Kiln (TMK) has announced the appointment of Will Green as Divisional Head of War within its aviation underwriting team. His appointment marks the creation of a dedicated aviation war team for TMK, following many years writing this class. The insurer notes that a dedicated team will ... Read the full article
Aviation market had “most challenging renewal” in over two decades: Aon
6th February 2023
Analysts at Aon have said that the aviation market experienced its most challenging renewal in over two decades at 1/1, with significant rate increases and coverage restrictions. In a new report on January reinsurance market dynamics, the broker noted that insurers with reinsurance renewals in 2023 face an “uncertain market”, with ... Read the full article
Peter Schmitz joins EPIC Aviation Practice
24th January 2023
EPIC Insurance Brokers and Consultants (EPIC), a retail property and casualty insurance brokerage and employee benefits consultant, has appointed Peter Schmitz as Senior Executive, Aviation Practice. Schmitz joins EPIC at a time when inflationary pressures and shifts in private and commercial flight create new priorities for the aviation industry, the firm ... Read the full article
Aviation-focused investment manager Castlelake launches Bermuda reinsurer, Itasca Re
16th January 2023
Global, aviation-focused alternative investment manager, Castlelake, L.P., has established Itasca Re Limited in Bermuda, a new reinsurance company designed to provide insurance financing solutions to both buyers and owners of commercial aircraft assets. Castlelake specialises in asset-backed private credit, and has 17 years of experience investing in, financing, and managing aviation ... Read the full article
Arthur J. Gallagher acquires Aviation Insurance Australia
15th December 2022
Re/insurance broking firm Arthur J. Gallagher & Co have acquired Brisbane, Queensland-based Aviation Insurance Australia. Terms of the transaction were not disclosed. Founded in 1993, Aviation Insurance Australia is a specialist retail insurance broker that serves aviation and aerospace clients throughout the country. The brokerage website says the firm manages all aircraft types ... Read the full article
BOC Aviation sues 16 insurance companies over Russia losses
16th November 2022
BOC Aviation, a Singapore-headquartered aircraft lessor, has begun legal action against 16 insurance companies, including Lloyd’s of London, Chubb European Group, AIG Europe and Swiss Re, over losses linked to Russia-Ukraine war, according to a Reuters report. The proceedings were issued in the High Court on November 3, 2022. In August, the ... Read the full article
TMK makes three new additions to its aviation team
9th September 2022
Specialist international insurer, Tokio Marine Kiln (TMK), has announced a number of high-profile appointments in the aviation team. According to the announcement, these appointments are part of a renewed drive in the sector under the direction of CUO Matthew Shaw and David Slevin, the departmental head who joined last year. Lisa Leahy ... Read the full article