- London Aviation Underwriters to operate as a separately managed Division of Core Specialty as its 18th specialty business unit
- Core Specialty to retain the London Aviation Underwriters (LAU) brand and management team
- Jeff Sutton to become President of the new Aviation & Aerospace Division
- LAU produced $56mm of GAAP gross premiums written in 2023
- Transaction expected to close in early 2025
CINCINNATI, Jan. 06, 2025 (GLOBE NEWSWIRE) — Core Specialty Insurance Holdings, Inc. and its subsidiaries (“Core Specialty” or the “Company”) and London Aviation Underwriters, Inc. (“LAU”) announced today the signing of a purchase agreement whereby Core Specialty will acquire LAU in a stock and cash transaction. LAU will bring decades of aviation and aerospace underwriting and claims experience and expertise in-house. 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 Company will continue to be the policy issuing carrier.
Jeff Sutton, President of LAU, will become President of the soon to be formed Aviation & Aerospace Division of Core Specialty. Jeff brings over 36 years of experience and began his career on the direct writer side with Avemco. He also held positions at Fidelity & Deposit Company and Falcon Insurance Agency, Inc. In 2005, Jeff joined LAU holding the titles Vice President and Claims Manager, before being named President of LAU in 2008. Jeff holds a B.S. in Aeronautical Science from Embry-Riddle Aeronautical University, J.D. from Seattle University School of Law, and is a Commercial pilot with his MEI ratings.
Jeff Consolino, Core Specialty’s Founder, President, and Chief Executive Officer, said, “The acquisition of LAU advances our goal of becoming the leading specialty insurer by adding our 18ᵗʰ specialty business unit. LAU has been our exclusive source of Aviation business and produced $56 million in gross premiums written in 2023. 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
Core Specialty offers a diversified range of specialty insurance products for small to mid-sized businesses. From its underwriting offices spanning the U.S., the company focuses on niche markets, local distribution, and superior underwriting knowledge; offering traditional as well as innovative insurance solutions to meet the needs of its customers and brokers. Core Specialty is an insurance holding company operating through StarStone Specialty Insurance Company, a U.S. excess & surplus lines insurer, StarStone National Insurance Company, Lancer Insurance Company, Lancer Insurance Company of New Jersey and American Surety Company, each of which is a U.S. admitted markets insurer, and Standard Life and Accident Insurance Company, a life, accident and health insurer. For further information about Core Specialty, please visit www.corespecialty.com.
Wall St Business News, Latest and Up-to-date Business Stories from Newsmakers of Tomorrow