Starr Insurance Companies said it will acquire Aspen Insurance’s aviation business.

Neither side is disclosing the price for the renewal rights, though the aviation book value is worth more than $50 million in gross written premiums, Starr said in its release.

Aspen’s announcement a week ago that it will exit the aviation insurance market.

As part of the agreement, Starr will also manage all underwriting and claims administration on current business, and manage the run-off of Aspen’s aviation claims and reserves from previous years.

Maurice Greenberg, Chairman and CEO, C.V. Starr & Co. Inc. (Starr Insurance Companies’ parent), said that the deal allows Aspen customers to transfer their business to Starr pretty seamlessly and the sector is a priority for his company.

“The aviation business will continue to be a focus for us for years to come,” he noted in prepared remarks.

Starr’s aviation group provides a wide range of specialized, tailored insurance programs to aviation companies and their employees around the world, including commercial and regional airlines; aircraft and aerospace manufacturers; charter and cargo operations; corporate fleets; private pilots and light aircraft; aviation service providers; and airports and fixed-base operators.

Starr Insurance Companies is a marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Company, Inc. and for the investment business of C. V. Starr & Co., Inc. and its subsidiaries.

Source: Starr Insurance Companies