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Member, Beacon International Group, Ltd.
HAMILTON, Bermuda--Max Re Ltd. has formed an aviation insurance unit that will underwrite airlines and manufacturers from its offices in Dublin, Ireland.
Max Re, a subsidiary of Bermuda-based Max Re Capital Ltd., previously reinsured aviation risks.
A Max Re Capital spokesman would not discuss how much capacity Max Re would offer airlines and product manufacturers.
The new aviation unit will be headed by Senior Vp Olivier Marre. Mr. Marre previously was general manager of underwriting, accounting and claims in the Paris and London offices of Paris-based insurer La Reunion Aerienne.
The commercial aviation market already is over-capitalized because minimal losses in recent years have made the market highly profitable for underwriters (BI, Sept. 4).
Meanwhile, Max Re Capital also announced that its third-quarter earnings this year will be hurt by an estimated $35 million of hedge fund trading losses.