Aspen Insurance and Starr Companies sealed an agreement to jointly underwrite international property insurance.

Neither side is disclosing financial terms. But they’ll focus on European companies headquartered in Europe. Their team-up also has a brand name – Aspen Starr Property – and it will write business under Aspen Insurance licenses.

Starr Companies CEO Maurice Greenberg, the former head of American International Group, said in prepared remarks that joining forces with a focus on European head-quartered makes sense due to mutual interests and experience.

“Starr and Aspen together have substantial experience working with European insurance buyers and the market environment,” Greenberg said. “This joint initiative will serve the partners well.”

Mario Vitale, CEO of Aspen Insurance, added: “the initiative will draw on the considerable experience and technical expertise of two strong partners who have a good understanding of global risk.

Aspen Insurance is the insurance segment of Aspen Insurance Holdings. Starr Companies is the global marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Company Inc.

Source: Aspen Insurance, Starr Companies