T.H.E. Insurance has entered into a partnership with The McGowan Company, giving way to a strengthened market and increased stability of insurance options for balloonists. Last year, The McGowan Companies joined Allied Specialty Insurance and T.H.E. Insurance company, which are subsidiaries of AXA/XL’s property and casualty specialty risk division, to form the McGowan Allied Specialty Insurance Company. McGowan Allied will continue to invest into the future of the Lighter Than Air Insurance Program managed by Aviation Insurance Resources (AIR), and are excited to announce that they have been given a Financial Strength Rating upgrade to A+ by global credit rating agency AM Best.
The McGowan Allied team has more than 35 years of experience in the entertainment insurance industry. “Many organizations look to the AM Best rating to affirm an insurance company’s ability and economic wherewithal to resolve its long-term liabilities” said Drew Tewksbury, Director of Marketing at McGowan Allied. “Our recent AM Best upgrade to A+XV affirms our financial strength and ability to keep obligations to our clients.”
T.H.E. will continue to underwrite the Lighter Than Air Insurance Program with minimal changes in staffing and process. Due to the change of structure at McGowan Allied, there are important compliance and notice requirements that will be sent out to all policies under the Lighter Than Air Insurance Program. Policyholders will be issued a state required “Notice of Non-Renewal” of their insurance policy by certified mail. Policyholders have been receiving these notices 90 days in advance of expiration, and Patrick A. Smith, Manager of the LTA Balloon Insurance Program, has been contacting pilots in advance to advise them of the statutory notice. As there have been no major changes to the Lighter Than Air Insurance Program, policyholders will be receiving their direct renewal terms.
“We are fortunate in the balloon community to have a choice where we place our insurance coverage,” said Smith. “Having two underwriters that are rated A+ (Superior) writing the majority of policies in the industry, we can be confident in the stability and future of our sport.”
To obtain a quote or discuss these industry changes with a pilot, please contact program manager Patrick A. Smith at 301-898-2120 or visit Aviation Insurance Resources online at www.Air-Pros.com/LTA.
