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.
This follows Aspen’s announcement last week that it is restructuring and planning to exit underperforming business including the aviation insurance market.
Aspen CEO Chris O’Kane said during the second quarter earnings conference call, the insurance company had plans to “aggressively run” to get better results. “The Sea has talked about outsourcing some of its business functions as well as taking out boat and professional compensation and aviation. company.
In connection with this agreement, Starr will manage Aspen’s aviation claims and previous years’ reserves, as well as all commitments and receivables on the current business.
“This agreement will provide Aspen customers with a smooth and efficient way of transferring their business to one of the world’s leading aviation insurance companies,” said the chairman and CEO of the company, C.R. Starr & Co
Greenberg said that the aviation industry will continue to be the focus of Starr’s “for years to come.”
Starr’s aviation group serves commercial and regional airlines; aircraft and aviation manufacturers; rental and cargo handling; corporate filings; special pilots and light aircraft; aviation service providers; and airports and fixed base operators.
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