Lodestar Marine has announced an agreement with Aspen Insurance to provide protection and indemnity (P&I) insurance to owners and managers of small and specialized ships.

Lodestar will now provide cover up to US$50 million backed by Aspen, with an additional US$450 million capacity added through an excess of loss policy placed with certain Lloyd’s of London syndicates and company market security, the company said. Lodestar will continue to provide claims-handling services.

“We are delighted to work with Aspen, strengthening their relationship further with our parent company, Ryan Specialty Group,” said John Hearn, joint managing director of Lodestar. “We share a like-minded approach to business and similar values towards those with whom we deal. Aspen provides us with a solid platform to expand out P&I offering.”

“In what has been a turbulent time for the fixed-premium P&I market, we are pleased to have found a stable partner in Aspen,” said Charles Dymoke, Lodestar joint managing director. “It is important that we have the support of a company that understands our industry and is committed to developing it further.”

“Aspen and Lodestar prioritize technical underwriting and focus on loss prevention services to help customers manage their risk exposures effectively,” said Jorge Pecci, Ryan Specialty Group marine practice leader. “This new agreement brings together Aspen’s and Lodestar’s significant marine industry experience, underwriting expertise and specialized claims-management experience.”