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Aspen, which last week reported a second quarter net loss after tax of $14.7 million, is handing over the reins of its aviation operations to Starr Insurance Companies – the latter outlining details of the swoop in an announcement.
Without disclosing the sum involved, Starr said it has entered into an agreement with Aspen to acquire the renewal rights of its aviation business, which is estimated to be worth in excess of $50 million in gross written premiums.
Aspen’s departure from the aviation insurance market will see Starr managing not only all underwriting and claims administration on current business, but also the run-off of aviation claims and reserves from prior years.
The global aviation offering of Aspen features hull and liability, deductible, hull war, and excess terrorism third-party liability covers.
“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,” commented Maurice Greenberg, chair and chief executive of 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.”
Customers of the acquirer’s aviation group include 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.
Greenberg added: “The aviation business will continue to be a focus for us for years to come.”
