Core Specialty Insurance Holdings Inc. and its subsidiaries have agreed to purchase London Aviation Underwriters Inc. (LAU), in a stock and cash transaction.
Financial details of the deal, which is expected to close early in 2025, were not disclosed.
Upon closing, LAU will become the new Core Specialty Aviation & Aerospace Division which will operate as Core Specialty’s 18th specialty business unit within the Fronted Programs subsegment. The Fronted Programs subsegment is comprised of the Fronted Casualty Division, the Medical Stop-Loss Division and (upon the completion of the LAU transaction) the recently announced Aviation & Aerospace Division.
As part of the transaction, LAU employees have become employees of Core Specialty, effective January 1, 2025. The division will continue to use the LAU brand. StarStone National Insurance Co. will continue to be the policy issuing carrier.
Jeff Sutton, president of LAU, will become president of the new division. He brings over 36 years of experience and began his career on the direct writer side with Avemco. Sutton also held positions at Fidelity & Deposit Co. and Falcon Insurance Agency, Inc. In 2005, Sutton joined LAU holding the positions of vice president and claims manager, before being named president of LAU in 2008.
He holds a Bachelor of Science in Aeronautical Science from Embry-Riddle Aeronautical University and a Juris Doctor from Seattle University School of Law. He also is a commercial pilot with a multi-engine instructor rating.
“The acquisition of LAU advances our goal of becoming the leading specialty insurer by adding our 18th specialty business unit,” commented Jeff Consolino, Core Specialty’s founder, president, and chief executive officer, in a statement.
“LAU has been our exclusive source of aviation business and produced $56 million in gross premiums written in 2023,” Consolino added. “We are pleased to continue our relationship and welcome Jeff and the LAU team as employees. We believe with our capital and balance sheet strength, and their industry knowledge, we will create future growth and opportunity in the aviation and aerospace market.”
About Core Specialty
Cincinnati, Ohio-based Core Specialty offers a diversified range of specialty insurance products for small to mid-sized businesses. Core Specialty is an insurance holding company operating through StarStone Specialty Insurance Co., a U.S. excess & surplus lines insurer; StarStone National Insurance Co.; Lancer Insurance Co.; Lancer Insurance Co. of New Jersey and American Surety Co., each of which is a U.S. admitted markets insurer; and Standard Life and Accident Insurance Co., a life, accident and health insurer.
Source: Core Specialty Insurance Holdings
Topics Excess Surplus Underwriting Aviation London
Was this article valuable?
Here are more articles you may enjoy.
Allstate Agent Can Be Sued Over Nonrenewal of ‘Grandfathered’ Flood Insurance Policy 
Pet Insurance, Agents Gets a Shorter Leash Under Bill DeSantis Signed Into Law 
Questions About How a Deputy’s Stepson Became the Accused Gunman at FSU Shooting 
Marsh Sues Aon, Ex-Team Leader Over Exit of 20 Construction Surety Employees 
