NYMAGIC, INC. announced that its underwriting agency, Mutual Marine Office, will withdraw from writing new and renewal direct aviation business effective March 31, 2002.
The company further stated, however that it would “continue to honor all commitments on policies in force until their expiration date.”
Robert W. Bailey, Chairman and CEO explained that “After 17 years in this line, through several underwriting cycles, we have come to the conclusion that direct aviation insurance does not offer the same degree of sustainable profit opportunity as our other lines of business.”
he added that “This is not a decision we took lightly. We have had a long run in support of the market in this class of business, but the risk to reward factors just don’t work for us any more. This will enable us to re-deploy both financial and underwriting resources to our other lines of business.”
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