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London-based managing general agent Lodestar Marine Ltd., a unit of RSG Underwriting Managers LLC, a division of Chicago-based Ryan Specialty Group LLC, on Tuesday said it has entered into an agreement with the insurance division of Bermuda-based Aspen Insurance Holdings Ltd. to provide protection and indemnity insurance to the owners of small and specialized ships.
The contract was previously led by RSA Insurance Group PLC, which withdrew its support after announcing it was pulling out of certain lines of business including the fixed premium P&I market in November.
Under the new contract, Lodestar now provides cover up to $50 million backed by Aspen, with an additional $450 million excess of loss capacity placed with about a dozen Lloyd’s of London syndicates with a minimum A rating, said John Hearn, managing director and co-founder of Lodestar Marine.
Lodestar continues to provide claims handling services, the company said in a statement.
Meanwhile, Ryan Specialty Group LLC also said on Tuesday it has agreed to acquire the assets and operations of International Specialty Insurance Services Inc., a managing general underwriter based in Winston-Salem, North Carolina.
Terms of the transaction were not disclosed.
Privately owned ISI offers high-value disability and other related insurance products to athletes, entertainers, physicians and other high-earning professionals, Ryan Specialty Group said in a statement.
The entire ISI team, led by Matthew Ferraro, Joseph Ferraro and Christopher Larcheveque, will remain with the business, which will become part of RSG Underwriting Managers, according to the company statement.
Bermuda-based Aspen Insurance Holdings Ltd. ceded about 34% of its gross written premiums to retrocessional and third-party capital providers in the third quarter, up from nearly 29% in the third quarter of 2017, Artemis.bm reports. Aspen's gross written premiums grew 143% year over year to nearly $477 million driven by its financial and professional lines and property/casualty business. Reinsurance premiums declined 8% to $396.4 million due to a reduction in property catastrophe reinsurance business.