Starr acquires Aspen’s $50m aviation operation
Starr Insurance Companies has entered into an agreement 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 Greenberg, chairman and CEO, CV Starr & Co. “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.”
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