Starr Insurance Companies has agreed to acquire the renewal rights of Aspen Insurance’s aviation business. The value of the aviation book is estimated to be in excess of $50 million 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.
“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, CV Starr. “Starr’s aviation clients benefit from our extensive industry experience, world-class underwriting, loss control and our AM 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 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.