Allied World Europe will acquire the renewal rights to a book of aviation business written by Lloyd’s Syndicate 1400 and Markel Europe plc, Allied World and Markel International announced on Wednesday.
This business encompasses airline, aerospace and general aviation classes.
Markel had acquired the aviation book of business in May this year as part of its acquisition of Alterra Capital.
The parties said that the former Markel underwriting team led by Olivier Marre will join Allied World Europe as the business changes hands, ensuring continuity of service and coverage to clients and brokers.
Required regulatory approvals for this transaction have been received from the Central Bank of Ireland and Lloyd’s, Allied World Europe and Markel International said in the joint statement.
Julian James, President, Allied World Europe, commented that expansion into this market marks “another step in the strategy of building” out European business in areas where Allied World Europe believes it can “make a meaningful impact.” He added that the company has underwritten the quota share for the entire account through its Bermuda operation, giving it knowledge and experience of the class the track record of Marre’s team. “I am confident that we can continue to build on the team’s previous success,” James said in a statement announcing the deal.
William Stovin, President and Chief Operating Officer, Markel International, said the deal allows Markel to focus on its core lines of business.
Sources: Allied World Assurance Company Holdings, AG and Markel International Limited