Aspen, Starr venture to focus on international property cover

Aspen Insurance, part of Aspen Insurance Holdings Ltd., and the Starr Cos. will form a vehicle to write international property insurance with a strong focus on European-headquartered industrial companies, Aspen said in a statement Friday.

The companies have signed a memorandum of understanding under which both parties will enter into a joint underwriting initiative to focus on the property underwriting, according to the statement.

The initiative will be branded Aspen Starr Property and write business under the licenses of Aspen Insurance, said the statement

The venture plans to start writing business in May and the team will be based in Aspen Insurance’s offices in Zurich, said a spokesman for Aspen.

Béat Bertschi, previously with Infrassure Ltd. has been hired to lead the venture and will report to Heinz Eggenberger, General Manager for Aspen Insurance in Switzerland.

“The initiative will draw on the considerable experience and technical expertise of two strong partners who have a good understanding of complex global risks,” Mario Vitale, CEO Aspen Insurance, said in the statement.

“Starr and Aspen together have substantial experience working with European insurance buyers and the market environment,” Maurice R. Greenberg, CEO of the Starr Cos., said in the statement.