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"The company has been pleased with the performance of the business thus far but it became evident that the coverage, limits and reinsurance required to be competitive in the U.S. aviation insurance market fell outside of Travelers' underwriting position and appetite," said Marina Luri-Clark, spokeswoman for Travelers.
General aviation is defined as all aviation activities not including scheduled commercial airlines and military aviation. Luri-Clark said the decision to exit the market in the United States "does not affect Travelers aviation business written outside of the United States."
Quotes that have been given by the company as of October will be honored but it will not be writing any new business effective Dec. 31, Luri-Clark said.
According to a report released after the second quarter by Aon Corp., pricing in the general aviation insurance market remained soft as a result of a high level of capacity despite the fact insurers had been seeking price increases to reflect changes in global economic conditions and challenges within the aviation industry.
The report goes on to point out that underwriters are under pressure to make sure this year is profitable. This, along with the airline insurance market reporting a loss the last couple of years, is creating "tougher negotiating positions being taken when they approach (general aviation) renewals," Aon said.
The top U.S. writers of aircraft (all perils) insurance in 2008, according to BestLink, were: American International Group Inc., with a 17.5% market share; Berkshire Hathaway Insurance Group, with 12.9%; Allianz of America, with 12.1%; XL America Group, with 11.7%; and HCC Insurance Group, with 7.6%.
(By Chad Hemenway, associate editor, BestWeek: Chad.Hemenway@ambest.com)
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