Starr Tech property capacity deal with Chubb ends after 17 years

Starr Insurance Companies is now underwriting property - technical risks business through its own insurance companies after the Hank Greenberg-led business’ long-standing capacity deal with Chubb came to an end.

Starr said the transition of the complex risks and energy property business to its own insurance operations “should be seamless for our clients”. The only change, the carrier said, should be that clients will see the name of Starr’s insurance companies on the policies issued rather than those of Chubb.

In assuming the property - technical risks business itself, Starr has brought an end to what it termed “a successful 17-year relationship with Chubb”.

Clients will continue to work directly with Starr’s team, who the carrier said will use the same approach to technical risks management and offer the same capacity levels and client servicing.

“We’ve been underwriting the complex risks and energy property business for more than 55 years,” said Richard Shaak, president, international insurance and Starr Tech.

“We thank Chubb for its support throughout this relationship,” Shaak added.

Starr Technical Risks – known as Starr Tech – provides insurance, fronting, claims, and loss control services to energy-related and technical industries such as oil and gas, petrochemical, chemical, and power generation industries.

The company’s portfolio has broadened over time to also include other complex occupancies including pharmaceuticals, electronics, steel, foundries, metal working, pulp and paper, among others.

It writes coverages including property damage, business interruption, builders risk, along with boiler and machinery.

Conclusion of the tie-up calls into question what role Chubb will play in the energy insurance sector going forward. As per Chubb marketing materials, Starr Tech was “the sole Chubb facility for underwriting property coverage for any energy risk”.