Starr Insurance Companies, one of the largest aviation insurers, has agreed to acquire the renewal rights of Aspen Insurance’s aviation business, which the insurer says is in excess of $50 million in gross written premiums.
Aspen CEO Chris O’Kane, during a second-quarter earnings conference call, said the insurer is “aggressively executing” plans to deliver improved results.” He mentioned exiting marine hull and professional indemnity and aviation as well as outsourcing some job functions throughout the company.
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 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 R. Greenberg, chairman and CEO, C.V. Starr & Co.
Greenberg said the aviation business will continue to be a focus for Starr “for years to come.”
Starr’s aviation group serves 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.
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