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Specialty underwriting platform elseco has agreed with insurer StarStone to acquire its Dubai-based MGA, Malakite Underwriting Partners, as well as the renewal rights to StarStone’s Zurich-based airlines & products portfolio.
The two firms have also entered a strategic arrangement in which StarStone will continue to provide underwriting capacity to Malakite and the airlines & products book through StarStone Insurance SE, its European platform, according to a joint statement. To extend support across all elseco specialty lines, including space, aviation, and energy, StarStone will front for selected third-party capacity providers.
Additionally, StarStone’s Zurich airlines & product team, under head of aviation Richard Etridge, and Malakite’s managing partner, Giles Hussey, will move to elseco as part of the agreement, while continuing to write their existing portfolios. In return, elseco will establish a presence in Zurich.
The transaction is expected to conclude within the first quarter of 2019, pending regulatory approval.
“This signals the start of an exciting partnership with StarStone,” said Laurent Lemaire, founder and CEO of elseco. “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 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,” said David Message, StarStone’s group chief underwriting officer. “This new strategic partnership with elseco allows us to leverage elseco’s established market position and strengthen our offering while creating value.”
