RSG's Lodestar Marine and Aspen strike P&I insurance deal

London-based managing general agent Lodestar Marine, a part of Ryan Specialty Group (RSG), has entered into an agreement with Bermuda-based Aspen Insurance to provide protection and indemnity (P&I) insurance to the owners of small and specialised ships.

RSG acquired Lodestar Marine, a P&I fixed premium marine insurance provider, from RSA Group in February last year.

Under the new contract, Lodestar will now provide cover up to $50 million backed by Aspen with an additional $450 million capacity added by way of an excess of loss policy placed with certain Lloyd’s of London syndicates and company market security. Lodestar will continue to provide claims handling services.

“We are delighted to work with Aspen, strengthening their relationship further with our parent company Ryan Specialty Group. We share a like-minded approach to business and similar values towards those with whom we deal. Aspen provides us with a solid platform to expand our P&I offering,” said John Hearn, joint managing director of Lodestar.

Charles Dymoke, joint managing director, 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.”

Jorge Pecci, RSG marine practice leader, commented: “Aspen and Lodestar prioritize technical underwriting and focus on loss prevention services to help customers manage their risk exposures effectively. This new agreement brings together Aspen’s and Lodestar’s significant marine industry experience, underwriting expertise and specialized claims management experience."

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