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.
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The lessor is looking to recoup $750mn from its war insurers or over $875mn from its all-risk insurers, in the event that its war claim fails.
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The amount Aircastle is looking for in the suit is, however, lower than the $350mn insurance claim that for equipment stranded in Russia.
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The market is waiting to see if the loss deterioration changes soft dynamics that were developing in the key Q4 all risks renewals.
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The hull war market is also looking to target premiums in excess of $500mn, up from the $180mn it achieved in 2021.
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In his new position, the executive will focus on the firm’s expansion of its aviation insurance offerings.
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In his new role, Martin Audis will be based in London and will report to Nigel Griffiths, regional head of general aviation.
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Despite the uncertainty surrounding the conflict, rates in the airline all-risk market remain flat.
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The carrier, which has been a leader in the war liability market, has re-evaluated its appetite as a result of the Ukraine conflict.
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The lessor is recording a write-off for 19 aircraft leased to Russian airlines after it successfully recovered three planes since the start of the outbreak.
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Based in Atlanta, Evancho specializes in fixed and rotor wing commercial operations as well as defense industry risks.
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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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Carl Shephard will serve as aviation senior broker in London and Chris Latta as vice president for the US Southeast region aviation practice.
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Based in São Paulo, Brazil, the executive will oversee the carrier’s aerospace underwriting strategy reporting to Nancy Bewlay, Axa’s global CUO.
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The move follows the departure of QBE’s former aviation head Steve Allen and 10+ of his staff in October.
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The underwriter has spent 20 years in aviation underwriting with Catlin and Beaufort.
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This publication revealed earlier this week that Allen and at least other 11 executives had left QBE to a single competitor.
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The executive had headed the unit since 2016 after joining from AIG’s aerospace business.
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Both NFP and Piiq’s soon-to-be owner Ardonagh are part-owned by Madison Dearborn, which has invested heavily in P&C broking over the past decade.
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With around 50 members of staff across the business, the divestiture is not expected to significantly alter the competitive landscape.
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United Airlines’ all-risks policy could face liability claims, while the Pratt & Whitney policy could see a partial grounding claim.
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Despite the grounding of multiple Boeing 777 planes, the incident is unlikely to result in another claim from Boeing, sources said.
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The intermediary's disclosure confirms the end of a process that began with dawn raids in the UK almost four years ago.
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Lamont Rosemond and Joshua Ray have taken up new leadership roles within the carrier’s North America aviation business.
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The reinsurer has around a 20% line on the broadcaster’s policy, with Willis Towers Watson acting as the broker.
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Bruno takes leading role in the MGA’s general aviation team.
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Alex Barker returns to the carrier after a spell working as an aviation insurance broker at Marsh.
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The carrier has placed its book of primary business into run-off but will continue to write space reinsurance.
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The change comes ahead of the renewal in December of the Willis Towers Watson-brokered cover.
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The respected aviation underwriter joined the company in 2017 from AIG.
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Chuck Couch has joined the aviation insurance MGA in Atlanta.
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In court documents, the defence company says Aon failed to provide sufficient claims notification advice.
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Johnny Wadhams has moved to the broker from Chubb, where he was chief underwriting officer for aviation.
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"It costs less $ to insure a Falcon 9 mission," said Musk in a Tweet.
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The hires are the latest personnel changes in the aviation broking market amid a prolonged war for talent.
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In its Plane Talking report the broker said insurers are still focused on long-term rate adequacy.
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