Aerospace
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Insurer results and 1.1 reinsurance renewals will shape the trajectory of 2026. -
Patton Kline succeeds Glod as US aviation and space practice leader.
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Besides Russia-Ukraine losses, the Air India crash losses totaled $26mn.
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Net adverse development for the quarter increased 30% year on year to $89.2mn.
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The carrier has scaled up its international insurance offering in recent years.
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The acquisition follows a strategic partnership the two struck last August.
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The two parties seek to delay a judge’s summary judgment order.
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The company has settled, or is in the settlement stage, for 80% of the exposure.
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The suit names former Marsh execs Hanrahan and Andrews as defendants.
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IGI saw opportunities in energy, ports and terminals and marine cargo but remains cautious in long-tail lines.
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Space pricing experienced double-digit increases after the 2023 capacity retreat.
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AIG, HDI Global and others have settled. Chubb’s fight continues.
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The pair add to the roster of aviation-focused hires at WTW.
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The hires form part of WTW’s build-out of its US aviation practice.
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A positive outcome could significantly curb insurers’ exposure to the loss.
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Overall market capacity increased by 5.3% year-on-year, the broker reported.
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Of the 178 passengers and crew on board, no serious injuries have been reported.
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The offering includes GA, aviation GL and airport and product manufacturers liability.
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Q2 renewals will likely signal changes in the reinsurance market, the broker said.
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In tandem, it pegged its net cat loss estimate from California wildfires at $160mn-$190mn.
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Starr-leads the WTW-placed all-risks cover for American Airlines.
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The broker cautioned unresolved Russia-Ukraine claims remain a ‘Black Swan’
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LAU will become the new Core Specialty Aviation & Aerospace Division.
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The program was developed in collaboration with Allianz Commercial.
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A California ruling could set an important precedent as other courts consider similar cases.
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Ball will succeed Jeff Poliseno, who is set to retire.
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The executive joins Applied from Canopius.
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The Plane Talking report said the longevity of the ‘buyers’ market’ is in question.
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Crashes and collisions accounted for 63% of aviation insurance claims between 2019 and 2024.
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Ian George will be joined by Sawyer and Williamson as account executive and consultant respectively.
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This is Chubb’s second MGA deal in the past few months.
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Hallmark’s commercial business will be fronted by HDI subsidiaries.
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The market remains “delicately balanced” amid global conflicts and claims deterioration.
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Old Republic Aerospace CEO Ralph Sohl will continue in his current position.
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Thursday’s announcement means that the Russian insurer is off the hook for claims proceedings.
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The broker said reinsurance capacity has contracted over the past 18 months, and the once-diamond-hard aviation war market has started to soften.
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The move follows another incredibly soft year for the all-risk market as aviation war continues to harden.
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Rokstone, the Aventum Group’s (re)insurance MGA, has appointed Jordan Landford as global head of aviation, to be based in Atlanta, Georgia.
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Looking to the key Q4 renewal period, Gallagher said there is “little to suggest a drastic shift in conditions”.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Avenue Capital-backed Greylag claimed that insurers denied coverage of the two lost aircraft, which have a value of nearly $110mn and $120mn, respectively.
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The news comes a few weeks after this publication revealed that UIB was in advanced discussions to take over local broker South Re.
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The news comes two months after this publication revealed that UIB was exploring the acquisition of the Lima-based aviation-focused reinsurance intermediary.
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Mark Sperring’s promotion comes just a few months after AIG’s former head of global aerospace, Steve Eccles, left the carrier.
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The aviation war segment is also proving ‘treacherous’ to buyers, according to the latest Plane Talking report.
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The increase takes the carrier’s total reserves for the conflict to $145.6mn.
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The aviation programme manager will exclusively use SiriusPoint’s paper across the US.
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Based in Birmingham, Alabama, the executive will report to NFP management, cyber and professional liability managing director Matthew Schott.
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The Fidelis IPO has no clear precedent, but there is an appetite for investment in the specialty space, as seen earlier this year with the Skyward public listing.
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The carrier cited a “huge” spread of possible outcomes from various lawsuits relating to aviation claims from the conflict.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The lawsuit argues that one engine that was leased out in Ukraine and 16 engines that were leased out in Russia have suffered physical loss or damages.
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Steve Eccles joined AIG in April 2020 from Argo, where he was active underwriter of Syndicate 1200.
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Starr Insurance Companies will issue the insurance policy to protect against the non-payment risk typically held by financiers.
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Aviation insurers are still facing uncertainty moving into 2023, with a slew of legal cases, and large losses from the previous quarters looming above them.
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The lessor is looking to recoup $750mn from its war insurers or over $875mn from its all-risk insurers, in the event that its war claim fails.
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The amount Aircastle is looking for in the suit is, however, lower than the $350mn insurance claim that for equipment stranded in Russia.
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The market is waiting to see if the loss deterioration changes soft dynamics that were developing in the key Q4 all risks renewals.
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The hull war market is also looking to target premiums in excess of $500mn, up from the $180mn it achieved in 2021.
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In his new position, the executive will focus on the firm’s expansion of its aviation insurance offerings.
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In his new role, Martin Audis will be based in London and will report to Nigel Griffiths, regional head of general aviation.
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Despite the uncertainty surrounding the conflict, rates in the airline all-risk market remain flat.
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The carrier, which has been a leader in the war liability market, has re-evaluated its appetite as a result of the Ukraine conflict.
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The lessor is recording a write-off for 19 aircraft leased to Russian airlines after it successfully recovered three planes since the start of the outbreak.
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Based in Atlanta, Evancho specializes in fixed and rotor wing commercial operations as well as defense industry risks.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Carl Shephard will serve as aviation senior broker in London and Chris Latta as vice president for the US Southeast region aviation practice.
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Based in São Paulo, Brazil, the executive will oversee the carrier’s aerospace underwriting strategy reporting to Nancy Bewlay, Axa’s global CUO.
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The move follows the departure of QBE’s former aviation head Steve Allen and 10+ of his staff in October.
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The underwriter has spent 20 years in aviation underwriting with Catlin and Beaufort.
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This publication revealed earlier this week that Allen and at least other 11 executives had left QBE to a single competitor.
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The executive had headed the unit since 2016 after joining from AIG’s aerospace business.
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Both NFP and Piiq’s soon-to-be owner Ardonagh are part-owned by Madison Dearborn, which has invested heavily in P&C broking over the past decade.
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With around 50 members of staff across the business, the divestiture is not expected to significantly alter the competitive landscape.
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United Airlines’ all-risks policy could face liability claims, while the Pratt & Whitney policy could see a partial grounding claim.
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Despite the grounding of multiple Boeing 777 planes, the incident is unlikely to result in another claim from Boeing, sources said.
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The intermediary's disclosure confirms the end of a process that began with dawn raids in the UK almost four years ago.
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Lamont Rosemond and Joshua Ray have taken up new leadership roles within the carrier’s North America aviation business.
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The reinsurer has around a 20% line on the broadcaster’s policy, with Willis Towers Watson acting as the broker.
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Bruno takes leading role in the MGA’s general aviation team.
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Alex Barker returns to the carrier after a spell working as an aviation insurance broker at Marsh.
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The carrier has placed its book of primary business into run-off but will continue to write space reinsurance.
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The change comes ahead of the renewal in December of the Willis Towers Watson-brokered cover.
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The respected aviation underwriter joined the company in 2017 from AIG.
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Chuck Couch has joined the aviation insurance MGA in Atlanta.
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In court documents, the defence company says Aon failed to provide sufficient claims notification advice.
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Johnny Wadhams has moved to the broker from Chubb, where he was chief underwriting officer for aviation.
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"It costs less $ to insure a Falcon 9 mission," said Musk in a Tweet.
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The hires are the latest personnel changes in the aviation broking market amid a prolonged war for talent.
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In its Plane Talking report the broker said insurers are still focused on long-term rate adequacy.
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David Boyle, Ed Louth, Paul Baker and Neil Black will join the broker’s global aerospace team.
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Plummeting passenger volumes will directly affect premiums collected by insurers.
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The broker has made six global aviation hires as the battle for staff in the market continues.
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The Ukrainian airline executive said insurers are seeking permission from the US to make payments.
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Mid-year M&A including the aviation deal increased the broker’s margin by about 50 bps.
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Sources said Island Express Helicopters holds a $50mn hull and liability insurance policy.
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The broker said that Boeing claims of up to $1.5bn had prompted rates to surge.
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Sources said carriers will likely need OFAC approval to make liability payments to Iranian families.
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The roughly $53mn cost of the aircraft’s hull will fall on the carrier’s war policy, sources said.
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Concerns have arisen over how payment may be split if the aircraft’s black box is not recovered.
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Richard Stockley joins several Willis alumni at the new broking operation.
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The Civil Aviation Administration of China account has an annual premium volume of about $85mn.
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Marcia Rosset and Mike Dumenil are set to join the business.
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The senior broker resigned from Willis Towers Watson yesterday, according to sources.
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Carsten Nawrath joins the carrier after leading Swiss Re’s general aviation and aerospace business in EMEA.
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Michael Dobson will take over from outgoing general counsel Stephen Walsh in early January.
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Wayne Hawkins, Stuart Nelson and Andrew Barker are set to join the Steve McGill-led broker.
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Matthew Stott joins JLT aerospace alumnus Phil Gingell at the charter aviation insurance specialist.
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Mark Shurville has 28 years’ experience and previously worked for Willis Towers Watson and Marsh.
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The Swiss carrier joins Convex as a recent market entrant.
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Jamie Connor has joined the MGA’s Melbourne office.
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Steve Wilkinson, Milorad Piper and Wan Xin Lee have joined the broker’s aviation operation.
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Tony Ambrose and Martyn Holland will work from London, while Julie Meyer and Stephen Murray join in New York.
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The carrier last week announced it would gradually shutter nine lines of business, including aviation.
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The carrier also confirms the appointment of Chubb upstream energy chief James Langdon as UK energy and construction head.
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The response follows large losses in recent months and reduced risk appetite among space in insurers.
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Negotiations continue between the victims’ families, Boeing and its insurers.
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The aviation specialist is the latest intermediary to leave McGill & Partners or BGC.
