Starr Insurance Companies has announced that it has entered into an agreement to acquire the renewal rights of Aspen Insurance’s aviation business.
Under the terms of the agreement, Starr will manage all underwriting and claims administration on current business, in addition to managing the run-off of Aspen’s aviation claims and reserves from prior years as Aspen looks to exit the aviation insurance market.
Starr said that the value of the aviation book is estimated to be in excess of $50 million in gross written premiums.
“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,” said Maurice R. Greenberg, Chairman and Chief Executive Officer (CEO), C.V. Starr & Co. Inc.
“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 range of specialised insurance programs to clients such as 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.
Starr Insurance Companies is a marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Company, and for the investment business of C. V. Starr & Co. and its subsidiaries.