Fixed-premium protection and indemnity (P&I) provider Lodestar Marine has finally concluded a deal for financial backing from Aspen Insurance to allow it to continue to provide cover.
Aspen has moved into provide capacity to back Lodestar’s fixed premium business after RSA withdrew backing late last year.
Under the deal Lodestar will provide cover up to $50m backed by Aspen with an additional $450m capacity though an excess of loss policy placed with Lloyd’s of London syndicates and company market security.
Under the arrangement Lodestar will continue to provide claims handling services.
John Hearn, joint managing director of Lodestar, said: “We share a like-minded approach to business and similar values towards those with whom we deal. Aspen provides us with a solid platform to expand our P&I offering.”
