Aviva is set to pull out of Global Aerospace Underwriting Managers (GAUM) while Royal & SunAlliance (R&SA) is slashing its stake.
R&SA is to cut its stake in the world's biggest aviation insurer fr ...
Aviva is set to pull out of Global Aerospace Underwriting Managers (GAUM) while Royal & SunAlliance (R&SA) is slashing its stake.
R&SA is to cut its stake in the world's biggest aviation insurer from 50% to 10.1% and will also reduce its underwriting capacity to 9.25%.
Aviva will sell its entire 50% stake in GAUM and has scrapped its 28% share of the underwriting capacity in the syndicate pool managed by GAUM.
Converium said its investment in GAUM was less than $45m (£30.6m) for a 25% stake in GAUM and a similar share of capacity.
Other major members of the consortium, each providing 25% of GAUM's capacity, are Berkshire Hathaway and Munich Re, with Tokio Marine and Fire providing 9% and Mitsui Sumitomo 6.75%.
R&SA's reduced participation will cost it about £110m in premiums next year, but will release about £45m.
Its share of GAUM's assets was £12m. Aviva's share was £15m.
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