Starr Insurance Companies has announced that agreed to acquire the renewal rights of Aspen Insurance´s aviation operation, the company said.
The value of the aviation book is estimated to be in excess of $50 million in gross written premiums.
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 follows Aspen´s announcement last week that they will exit the aviation insurance market.
Starr´s aviation group provides a wide range of specialized, tailored insurance programs to aviation companies and their employees around the world, including 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.
Starr Insurance Companies (or Starr) is a marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Company, Inc. and for the investment business of C. V. Starr & Co., Inc. and its subsidiaries.