Specialty underwriting platform elseco has entered into an agreement with global specialty insurer StarStone to acquire its managing general agent, Malakite Underwriting Partners Ltd., and the renewal rights to StarStone’s Zurich-based airlines & products portfolio.
Under a new strategic partnership arrangement, StarStone will continue to provide underwriting capacity to Dubai-headquartered Malakite and the airlines & products book through StarStone Insurance SE, its European platform.
To extend support across all elseco specialty lines, including space, aviation, and energy, StarStone will front for selected third-party capacity providers, said a statement issued by Dubai-based elseco.
The entire transaction is expected to complete in the first quarter of 2019, subject to relevant regulatory approvals. Terms of the deal were not disclosed.
StarStone’s Zurich airlines & product team, led by head of aviation Richard Etridge, and Malakite’s managing partner, Giles Hussey, will move to elseco as part of the agreement. Both will continue to write their existing portfolios under the elseco banner, and as part of the transaction, elseco will set up a presence in Zurich.
Laurent Lemaire, founder & CEO of elseco, said: “This signals the start of an exciting partnership with StarStone. There are considerable synergies between our companies, and with this deal all clients will benefit from our extensive in-house capabilities, technology-driven model and broad pool of capacity providers in specialty lines.”
“StarStone is undergoing a repositioning of our airlines & products and Middle Eastern business to deliver the very best in customer service and enhance our capabilities in these areas,” said David Message, group chief underwriting officer for StarStone.
“This new strategic partnership with elseco allows us to leverage elseco’s established market position and strengthen our offering while creating value,” Message continued.
About elseco, StarStone and Malakite
More than 70 insurance and reinsurance companies including Lloyd’s syndicates are currently trading on elseco’s high technology specialty insurance underwriting platform.
With six wholly owned insurance platforms, including Lloyd’s Syndicate 1301, London-based StarStone underwrites business across five main product groups: marine and specialty lines, casualty, property, aerospace and workers’ compensation. The company is owned by Enstar Group Ltd., the Trident V funds managed by Stone Point Capital LLC and Dowling Capital Partners I, L.P.
Launched in 2016, Malakite is a multi-line Middle East and Africa-focused independent specialty insurance underwriting company, providing solutions for the energy, marine and property terrorism sectors.
Source: elseco
Topics Mergers & Acquisitions Excess Surplus Underwriting Aviation Insurance Wholesale
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