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RSG’s Lodestar, a provider of P&I fixed premium insurance to owners, charterers and operators of vessels up to 20,000 gt, has announced an agreement with Aspen to replace its expiring RSA deal.
Aspen Insurance, the insurance segment of Aspen Insurance Holdings Ltd, will provide up to $50m of capacity for Lodestar, with an additional $450m capacity added by way of an excess of loss policy placed with certain Lloyd’s of London syndicates and company market security. Lodestar continues to provide claims handling services.
John Hearn, joint Managing Director of Lodestar, said Lodestar, a division of Ryan Specialty Group, was «delighted to work with Aspen, strengthening their relationship further with our parent company», adding that «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.”
Lodestar Marine is a business unit of RSG Underwriting Managers Europe Limited. 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