NU Online News Service, Dec. 02, 11:09 a.m. EST
Aspen U.S. Insurance has partnered with Axiom Insurance Management to get into the recreational marine insurance market.
Using Axiom, an Atlanta-based specialty marine managing general agent and wholesaler, Aspen will focus on covering marinas, yacht clubs, boat dealers, boat manufacturers and boat-component manufacturers, the insurer says in a statement.
"The recreational marine insurance space is very competitive, but not completely saturated like some other marine lines that we write," says Rich Soja, executive vice president and chief marine underwriter in the U.S. "Aspen Insurance's approach to the market emphasizes a selective broker network, a clearly defined specialty segment that requires underwriting expertise and an integrated claims culture. This market segment fits nicely into our business model.
Aspen says it will primarily focus on small-to-medium enterprise businesses throughout the U.S.
"We believe Aspen can differentiate itself in this segment," Soja says. "There are some 'pain points' to underwriters who currently entertain this business, including but not limited to, the piers, wharves and docks exposures. We've designed an underwriting and loss control approach to a few of these pain points that will allow us to remain competitive, yet increase our likelihood for profit."
Soja adds, "Secondly, we've created a unique distribution model with a known marine specialist who will be fully integrated into the underwriting and servicing process."
Axiom was founded in 1997, and will "bring very strong wholesale capabilities to the Aspen business model and the market as a whole," Aspen says in a statement.
Upton Named SVP of Enviro Claims
Sean Upton has been appointed senior vice president of environmental claims at Aspen U.S. Insurance.
"The provision of sophisticated claims management to the environmental insurance market is an integral part of our business plan," says Ken Cornell, executive vice president and chief environmental underwriter, in a statement.
Upton will also coordinate the insurer's loss-control activities, Cornell adds.
Prior to joining Aspen, Upton was vice president of pollution insurance products at Chartis. He was managing pollution insurance product claims for Aspen before his promotion.
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