MGU Lodestar Marine and Aspen Insurance Form Agreement to Provide P&I Cover

Lodestar Marine, the London-based managing general underwriter, announced an agreement with Aspen Insurance to provide protection & indemnity insurance (P&I) to the owners and managers of small and specialized ships.

London-based Lodestar provides $50 million of Aspen-backed P&I cover, with an extra $450 million of capacity available via an excess-of-loss policy placed with certain Lloyd’s of London syndicates and company market security. Lodestar provides claims handling services.

“We are delighted to work with Aspen, strengthening their relationship further with our parent company Ryan Specialty Group,” commented John Hearn, joint managing director of London-based Lodestar, which is a unit of RSG Underwriting Managers Europe Ltd. (RSGUM), the managing general underwriting division of Ryan Specialty Group, headquartered in London.

“We share a like-minded approach to business and similar values towards those with whom we deal. Aspen provides us with a solid platform to expand our P&I offering,” he added.

Charles Dymoke, joint managing director of Lodestar, said: “In what has been a turbulent time for the fixed premium P&I market, we are pleased to have found a stable partner in Aspen. It is important that we have the support of a company that understands our industry and are committed to developing it further.”

“Aspen and Lodestar prioritize technical underwriting and focus on loss prevention services to help customers manage their risk exposures effectively,” said Jorge Pecci, RSG Marine Practice leader.

Source: Lodestar Marine

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