Core Specialty Insurance Holdings (Core Specialty) and its subsidiaries have closed the cash-stock deal to acquire insurance agency London Aviation Underwriters (LAU).
LAU will serve as the new separately managed Core Specialty Aviation & Aerospace Division, becoming the 18th specialty business unit within the company’s Fronted Programs subsegment.
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This new division will maintain the LAU brand and management team.
The Fronted Programs subsegment includes the Fronted Casualty Division, the Medical Stop-Loss Division, as well as the newly established Aviation & Aerospace Division.
All LAU employees have joined Core Specialty as of 1 January 2025. Jeff Sutton will lead the new Aviation & Aerospace Division as president.
StarStone National Insurance Company will remain the carrier for issuing policies.
Core Specialty, which offers specialty insurance products for small to mid-sized businesses, signed the agreement for this acquisition earlier this month.
This deal allows the company to leverage LAU’s specialised expertise in the aviation and aerospace insurance market.
Core Specialty founder, president and CEO Jeff Consolino said: “Completing the acquisition of LAU, and adding our 18th specialty business unit, advances our goal of becoming the leading specialty insurer. LAU has historically been our exclusive source of aviation business and produced $44m in gross premiums written in 2024.
“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.” LAU reported $56m in gross premiums written in 2023.
