Starr Aviation Agency and The Chubb Corp. announced an agreement today for Chubb to provide Starr general aviation clients with hull and liability coverages, and to provide workers' compensation coverage to its general and commercial aviation clients.
Full terms of the transaction were not disclosed.
Starr Aviation Agency Inc., in Atlanta, is a wholly-owned specialty subsidiary of C. V. Starr & Co., the entity controlled by Maurice Greenberg, who was forced out as chairman of American International Group.
Starr's general aviation segment includes owners of corporate, private pleasure and small-business aircraft; municipalities that own aircraft; sightseeing and air taxi services; aircraft service and maintenance firms; manufacturers of noncritical aircraft parts; and small regional airports.
It does not include commercial airlines and manufacturers of airframes or critical parts, which are part of the commercial aviation segment.
"We look forward to working with Chubb, a financially strong organization with an outstanding reputation and a long history in the aviation insurance field," said Steve Blakey, president of Starr Aviation. "This agreement further reflects our commitment to expand our tailored products and services to our clients."
Thomas F. Motamed, vice chairman and chief operating officer of Chubb Corp., said the agreement provides Chubb with growth opportunities in a "most attractive segment of the aviation insurance marketplace."
Starr Aviation Agency Inc. is a worldwide underwriter of aviation insurance and a provider of specialized underwriting, safety and claims services.
The aviation insurer's parent,C. V. Starr & Co. Inc., is an independently-owned holding company. The company said it has produced approximately $2 billion annually of comprehensive insurance coverage among several specialty lines covering aviation, marine, excess casualty and property, including risks with international exposures.
C. V. Starr in New York reports it has more than $3 billion in investment assets that include public and private equity, hedge funds and alternative assets.
The Chubb Corporation is the holding company for a family of insurance companies.
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