London-based general manager Lodestar Marine Ltd., a unit of RSG Underwriting Managers LLC, a division of Chicago-based Ryan Specialty Group LLC, said on Tuesday it has entered into an agreement with the insurance department of Bermuda-based Aspen Insurance Holdings Ltd. provides protection and compensation insurance to the owners of small and specialized vessels.
The contract was previously led by RSA Insurance Group PLC, which withdrew its support after announcing that it was affected by certain areas of activity including the fixed premium P&I market in November.
Under the new contract, Lodestar now offers up to $ 50 million supported by Aspen with an additional $ 450 million overcapacity placed with about a dozen Lloyds London syndicates with a minimum A rating, says John Hearn, CEO and co-founder of Lodestar Marine. .
Lodestar continues to provide claims management services, the company said in a statement. [1
The terms of the transaction were not disclosed.
Privately-owned ISI offers high disability protection and other related insurance products to athletes, entertainers, doctors and other senior professionals, says Ryan Specialty Group 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 the RSG Underwriting Managers, according to the company's statement.