Lodestar Marine Enters into Contract with Aspen Insurance

The following press release was issued by Ryan Specialty Group on 12th February 2019:

Lodestar Marine Enters into Contract with Aspen Insurance

12 February, 2019, LONDON – Lodestar Marine (Lodestar) is pleased to announce a new agreement to provide Protection & Indemnity insurance (P&I) to the owners and managers of small and specialised ships with Aspen Insurance (“Aspen”), the insurance segment of Aspen Insurance Holdings Limited.

Lodestar now provides cover up to $50 million backed by Aspen with an additional $450 million capacity added by way of an excess of loss policy placed with certain Lloyd’s of London syndicates and company market security (A rated with S&P). Lodestar continues to provide claims handling services.

John Hearn, joint Managing Director of Lodestar, said: “We are delighted to work with Aspen, strengthening their relationship further with our parent company Ryan Specialty Group. We share a likeminded approach to business and similar values towards those with whom we deal. Aspen provides us with a solid platform to expand our P&I offering.”

Charles Dymoke, joint Managing Director of Lodestar, added: “In what has been a turbulent time for the fixed premium P&I market, we are pleased to have found a stable partner in Aspen. It is important that we have the support of a company that understands our industry and are committed to developing it further.”

Jorge Pecci, RSG Marine Practice Leader, commented: “Aspen and Lodestar prioritize technical underwriting and focus on loss prevention services to help customers manage their risk exposures effectively. This new agreement brings together Aspen’s and Lodestar’s significant marine industry experience, underwriting expertise and specialized claims management experience.”

For further information, please contact:

John Hearn at John.Hearn@lodestar-marine.com, or +44 (0)203 912 6678

Charles Dymoke at Charles.Dymoke@lodestar-marine.com, or +44 (0)203 912 6674

 

RSG Underwriting Managers, LLC. Lodestar Marine is a business unit of RSG Underwriting Managers Europe Limited, regulated by the Financial Conduct Authority.

RSG Underwriting Managers, LLC (RSGUM) is the managing general underwriting division of Ryan Specialty Group and consists of a series of specialty managing general underwriters (MGU). Each MGU provides expertise in distinct and challenging market niches. RSGUM provides centralized governance, shared services and executive oversight to its specialty underwriting businesses. rsgum.com