PRODUCT: Aviation Hull War and Allied Perils (hull war)

COMPANY: Lloyd’s Syndicate 609/Atrium 609 (non-admitted)

BEST RATING: A

AVAILABILITY: Works exclusively with wholesalers.

FOCUS: Lloyd’s Syndicate 609 looks to continue flying high in an extremely tough specialty, aviation war risk insurance, points out Bruce Carman, war underwriter for 609’s managing agent Atrium Underwriters Ltd. (Atrium 609). Atrium 609 welcomes business and maintains ample capacity, covering hull values of up to $70 million. Atrium 609 enjoys a 20% market share for the commercial airline market sector insuring hull, war and related perils for both commercial airlines and the general aviation sectors. As a for-instance, Carman mentions general aviation with Atrium of late has been stepping in with coverage for airports and aircrafts in Libya where political upheaval has been destroying commercial aircrafts and airports. Atrium also stays active in other hot spots, such as Afghanistan and Iraq. Carman confirms that there also has been “a measurable upturn” in hull war insurance purchased in Eastern European countries where they’re becoming more familiar with the Western concept risk transfer. The market also reinsures the war risk coverage for the major American-based cedants serving U.S. domestic accounts.

UNDERWRITING: Atrium writes monoline hull war policies, for full values. Covered perils for physical damage to aircraft include war, strikes, riots, civil commotion, terrorism, malicious damage, sabotage, hijacks, confiscation, seizure and nationalization. Deductibles may apply in Libya, Syria or other political hot spots, with amounts varying by risk, but usually 2.5% of hull values.

MINIMUM PREMIUM: None.

TARGET: Mostly airlines but also general aviation.

COVERAGE TERRITORY: Worldwide.

CONTACT: Bruce Carman, war underwriter, Box 34, Lloyd’s, One Lime Street, London, ECM 7DQ, 011 44 207 327 4295, bruce.carman@atrium-uw.com; atrium-uw.com.

Ron Lent is an IA contributor.