Starr acquires Aspen’s aviation business

Starr Insurance Holdings Inc. on Tuesday said it has agreed to acquire the renewal rights of Aspen Insurance Holdings Ltd.’s aviation business.

Terms of the deal were not disclosed. The aviation book’s value is estimated to be in excess of $50 million in gross written premiums, New York-based Starr said in a statement.

Starr said it will also manage all underwriting and claims administration on current business and manage the runoff of Aspen’s aviation claims and reserves from prior years.

Aspen announced last week that they will exit the aviation insurance market, Starr said.