Aerospace
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The market remains “delicately balanced” amid global conflicts and claims deterioration.
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Old Republic Aerospace CEO Ralph Sohl will continue in his current position.
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Thursday’s announcement means that the Russian insurer is off the hook for claims proceedings.
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The broker said reinsurance capacity has contracted over the past 18 months, and the once-diamond-hard aviation war market has started to soften.
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The move follows another incredibly soft year for the all-risk market as aviation war continues to harden.
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Rokstone, the Aventum Group’s (re)insurance MGA, has appointed Jordan Landford as global head of aviation, to be based in Atlanta, Georgia.
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Looking to the key Q4 renewal period, Gallagher said there is “little to suggest a drastic shift in conditions”.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Avenue Capital-backed Greylag claimed that insurers denied coverage of the two lost aircraft, which have a value of nearly $110mn and $120mn, respectively.
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The news comes a few weeks after this publication revealed that UIB was in advanced discussions to take over local broker South Re.
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The news comes two months after this publication revealed that UIB was exploring the acquisition of the Lima-based aviation-focused reinsurance intermediary.
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Mark Sperring’s promotion comes just a few months after AIG’s former head of global aerospace, Steve Eccles, left the carrier.
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The aviation war segment is also proving ‘treacherous’ to buyers, according to the latest Plane Talking report.
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The increase takes the carrier’s total reserves for the conflict to $145.6mn.
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The aviation programme manager will exclusively use SiriusPoint’s paper across the US.
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Based in Birmingham, Alabama, the executive will report to NFP management, cyber and professional liability managing director Matthew Schott.
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The Fidelis IPO has no clear precedent, but there is an appetite for investment in the specialty space, as seen earlier this year with the Skyward public listing.
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The carrier cited a “huge” spread of possible outcomes from various lawsuits relating to aviation claims from the conflict.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The lawsuit argues that one engine that was leased out in Ukraine and 16 engines that were leased out in Russia have suffered physical loss or damages.
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Steve Eccles joined AIG in April 2020 from Argo, where he was active underwriter of Syndicate 1200.
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Starr Insurance Companies will issue the insurance policy to protect against the non-payment risk typically held by financiers.
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Aviation insurers are still facing uncertainty moving into 2023, with a slew of legal cases, and large losses from the previous quarters looming above them.