Aerospace
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Capacity levels and competition amongst underwriters is increasing as renewal activity gathers pace.
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The forfeiture of the account follows a series of deals moving in the other direction, including Airbus. -
The insurer says the rebrand will fully align Aviabel and NLP with its Axis brand.
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The account move follows Airbus decision to switch to the independent broker earlier this week.
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The start-up broker has also won Rolls-Royce, Dassault and Embraer over the last year.
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The hire reflects the Aquiline and Abry Partners-backed business’s diversification away from motor.
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AJ Gallagher has won the coveted AerCap account from Willis Towers Watson, Insurance Insider understands. AerCap is the biggest aircraft leasing company in the world.
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Sources said pandemic rate inflation and increases in exposure could lead to rates tapering off after years of increases.
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With around 50 members of staff across the business, the divestiture is not expected to significantly alter the competitive landscape.
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Losses for 2020 were below average and capacity is stable, but the pandemic is likely to complicate deals.
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The airline account move comes as Howden strengthens its position in the airline space.
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Capacity has stabilised after several exits, and there are “shoots of recovery” in performance, but disagreement remains around rate adequacy.
