London-based MGA Hive Aero has introduced excess third-party aviation war liabilities (AVN52) to its portfolio which, until now, was limited to aviation hull and war.
The additional line has a stamp capacity of $47.5mn in 2019, underwritten by Lloyd’s insurers Beazley and Arch.
Hive Aero increased its stamp capacity $52.5mn in 2019, following what it described as “a successful first year,” in a statement.
The MGA began underwriting aviation hull war in April 2018 with a stamp capacity of $50mn per aircraft risk, backed by Beazley, Arch, Chaucer and Dale at Lloyd’s.
Hive Aero was launched in November 2017 by Bruce Carman – who now serves as chief underwriting officer.
Carman said: “This is a fantastic step in the right direction and comes at a time when many underwriters have reduced their participations or have withdrawn from aviation classes completely.”
“There are a number of opportunities out there, especially with accounts such as the AVN52, which to-date, has not experienced any losses,” he continued.