In the wake of Aspen Insurance's announcement last week that it was leaving the aviation business, Starr Insurance announced it has made a deal to acquire Aspen's renewal rights--a book of business that Starr estimates is worth more than $50 million in gross written premiums."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. & Co. Inc.
"Starr's aviation clients benefit from our extensive industry experience, world-class underwriting, loss control and our A.M. Best ‘A' rated financial strength. The aviation business will continue to be a focus for us for years to come," he added.
Starr will 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. Starr's aviation group offers products for 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.