NEW YORK--(BUSINESS WIRE)--Starr Insurance Companies announced today that it has entered into an agreement to acquire the renewal rights of Aspen Insurance’s aviation business. 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.
“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. 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.”
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.
About Starr Insurance Companies
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. Starr is a leading insurance and investment organization with a presence on five continents; through its operating insurance companies, Starr provides property, casualty, and accident and health insurance products as well as a range of specialty coverages including aviation, marine, energy and excess casualty insurance. Starr’s insurance company subsidiaries domiciled in the U.S., Bermuda, China, Hong Kong, Singapore and U.K. each have an A.M. Best rating of “A” (Excellent). Starr’s Lloyd’s syndicate has a Standard & Poor’s rating of “A+” (Strong).