elseco, the high-tech specialty underwriting platform, has entered into an agreement with global specialty insurer StarStone to acquire its Dubai-based MGA, 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 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.
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.
The entire transaction is expected to complete in Q1 2019, subject to relevant regulatory approvals.
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. I look forward to welcoming Giles, Richard and their teams on board.”
David Message, StarStone’s Group Chief Underwriting Officer, added:
“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. This new strategic partnership with elseco allows us to leverage elseco’s established market position and strengthen our offering while creating value.”
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