Willis Towers Watson expands aviation insurance broking expertise and solutions with acquisition of Aerosure
Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, announced the acquisition of Aerosure, a leading aviation industry specialist, focused on the Australia, New Zealand and Pacific Island region.
Aerosure, based in Sydney, will become a part of Willis Towers Watson’s (WTW) Global Aerospace business, providing a suite of aviation insurance broking solutions to service the insurance and risk needs of the aviation industry in Australia and New Zealand, as well as the broader Asia Pacific region. Greg Rector, current Managing Director of Aerosure, will move into WTW as Managing Director, Australasia Aviation Division, and will be joined by his colleagues from Aerosure.
Over the last two years, the COVID-19 pandemic has created unprecedented disruption in the global aviation industry. It is expected that domestic and international flights will start to return gradually as countries reopen their borders and move to a new normal. WTW plays a key role in supporting the aviation industry globally with its expertise in understanding the sector’s key risks and concerns, managing complex challenges and advising aviation companies and operators on the optimal insurance coverage needed to meet their long-term risk management needs. This industry support extends to WTW’s Airport Risk Community (ARC), a knowledge sharing network that facilitates global connectivity between groups of professionals to help them understand and take action on emerging risks and industry trends.
Commenting on the acquisition, Head of Corporate Risk & Broking, Asia and Australasia, and Head of Australasia, Simon Weaver, said: “Aerosure is a leading aviation industry specialist with a large book of aviation focused industry clients, including airlines, airports and air traffic control, committed to the long-term position of its clients. Over the years, it has not only grown to become the pre-eminent specialist Aviation broker in the region but has contributed to the growth and development of the aerospace community in Australia and New Zealand.
WTW has worked in close partnership with Aerosure to provide services to local aviation clients for many years. We already know that the Aerosure team shares our values and ethos. Bringing them into WTW reflects our global strategy to work with high-performing and high-potential businesses in our chosen markets and industry sectors. With this acquisition, we see great opportunities in providing additional services and solutions to clients throughout Asia and Australasia, supporting companies and operators as they return to normality.”
John Rooley, CEO, Global Aerospace, WTW, added: “We are very excited by the deal and delighted that the highly talented Aerosure team is joining WTW. By combining the capabilities of Aerosure, this acquisition further expands the footprint of our aerospace business, enhancing our client offering both locally and globally as the teams work together with our aviation specialists in over 35 locations across the WTW network. The combination of our teams will strengthen our value proposition for our clients as a world-leading insurance broker and trusted risk adviser in the aerospace industry, providing them with a wide and deep range of solutions.”
Greg Rector, Managing Director, Aerosure, said: “We are delighted to take our partnership with WTW to the next level to provide added value to all of our aviation focused industry clients. This partnership has proven to be an industry leading proposition for all of our clients and we are extremely excited to be cementing our relationship for the benefit of all our clients across Australia, New Zealand and the Pacific Islands.”
The acquisition is effective immediately.
AXA XL Names Marsh’s Barker to Lead Aviation Insurance Business in Canada
AXA XL has appointed Alex Barker to lead its aviation insurance business in Canada. Barker will report to Eric Donofrio, chief underwriting officer, Aerospace, Americas, and to Renato Rodrigues, country manager, Canada.
Barker joins AXA XL from Marsh and MacLennan where he served as senior vice president of the aviation business. He has previously worked at AXA XL, as a senior underwriter for the largest Lloyd’s syndicate, leading one of the top three global aviation portfolios.
He also was an aviation underwriter with XL Catlin, before the company’s merger with AXA.
Barker is a certified General Insurance Agent and an Associate of the Chartered Insurance Institute. He holds a master’s degree from Manchester University, England.
Commenting on the appointment, Donofrio said, “Alex brings exceptional technical knowledge and experience to our regional and local teams, we are thrilled to welcome him back to AXA XL and are confident that under his leadership our team will continue its tenure as market leaders in Canada.”
AXA XL offers a comprehensive suite of Aviation insurance options. Coverage extends from traditional and specialized companies from component manufacturers to airport operators and individual clients.
Starr Insurance Companies Launches Starr Gate, First-of-Its-Kind, Usage-Based Aviation Insurance for Pilots Who Rent
Starr Insurance Companies announced the launch of Starr Gate, a new kind of general aviation policy providing pilots who rent aircraft with unprecedented flexibility for their insurance needs through “high-definition underwriting” and usage-based pricing with a tool that can also improve a pilot’s skills.
Until now, pilots did not have real flexibility in their insurance coverage and often paid for coverage they didn’t need. Now, Starr, a leading aviation insurer, has established a way for pilots to pay for coverage based on when they are flying. The program includes the ability to access CloudAhoy, a popular third-party, cloud-based pilot analytics tool, for a potential discount on the premium.
“This product is a significant innovation for Starr,” said Maurice R. Greenberg, Chairman and CEO of Starr Insurance Companies. “For the thousands of pilots around the U.S., it’s a smarter way to get coverage. We’re leveraging technology to enhance safety and tailor coverage to match the market’s actual needs.”
Jim Anderson, Senior Vice President of Starr Aviation, said: “Starr Gate is better aligned with a pilot’s skills and flight time. With CloudAhoy data, we can write coverage in high definition. It’s customized insurance that can make you a better pilot.”
Starr Gate customers get personalized access to CloudAhoy scoring, at no additional cost, that can help them become better pilots by matching their performance -from wheels up to wheels down post-flight- with thousands of other pilots.
“Giving pilots the flexibility to buy on-demand coverage could not have come at a better time as we begin to emerge from this public health crisis,” Anderson said. “Qualified pilots can obtain coverage for when they fly. If you’re not flying now, apply for the coverage you need when you do start to fly again.”
Starr Gate is available now directly to pilots through a convenient iPad app, accessible in the Apple App Store, as well as through insurance brokers.
“Using data-driven technology to provide quantitative, objective feedback to pilots has always been part of our vision,” said Chuck Shavit, the creator and CEO of CloudAhoy. “We are delighted to see it used in a positive way to reward pilots, and to promote safety and proficiency.”
MS Amlin confirms exit from aviation insurance market
MS Amlin, the leading global (re)insurer, confirms that it will be exiting the aviation insurance market, effective from 14th of October when it will cease underwriting aviation insurance renewals or new business.
This change excludes the aviation hull war portfolio which will continue to be underwritten by the existing War team.
MS Amlin’s decision to exit the aviation insurance market follows its recent announcement of the results of a comprehensive long-term strategic review. This decision underpins MS Amlin’s strategy and will enable it to devote more capital, investment and management time on areas of focus to support its growth ambitions.
The aviation insurance portfolio’s runoff will be managed internally rather than outsourced under a Reinsurance To Close (RITC) arrangement. Simon Beale, MS Amlin CEO commented, “The run-off of the aviation insurance book will allow us to focus our attention on our new underwriting strategy and build on the progress we have made in restoring profitability.
“In order to ensure continuity of service for our clients we will manage the run-off ourselves.”
“We are committed to supporting both our customers and our people through this change.”
Swiss insurer Helvetia enters aviation insurance market
Swiss insurer Helvetia is entering the aviation insurance market offering worldwide coverage for passenger liability, third-party liability and comprehensive cover with a maximum limit of $125 million.
As part of the Helvetia Specialty Lines CH & International market unit, the company will offer aviation insurance beginning in October.
The new team will be led by Marc Weber as head of aviation. Weber has two decades of experience in managerial positions at Converium, Glacier Group, Torus and StarStone.
Weber will be assisted by Gregor Banzer and Stefan Koller, who will also join the aviation team at Helvetia.
According to Helvetia, the technology-driven aviation industry is a growth sector, and it is expected that new materials, technologies and an increasing focus on sustainability will change the aviation industry in the next few years.
“Helvetia will react to these trends with customised insurance solutions,” the company said. “Based on a careful risk analysis, the Aviation team will develop an aviation portfolio over the next few years.”
Source: intelligentinsurer