Insurance companies Aspen and Starr Companies have joined forces in a joint underwriting agreement concentrating on European industrial firms.

The joint operation by the two firms, who both have offices in Bermuda, will be called Aspen Starr Property.

Aspen Insurance CEO Mario Vitale said: “This is an exciting new venture through which Aspen and Starr Companies will be able to use their extensive underwriting and engineering expertise to serve the insurance needs of European industrial companies with international operations.

“The initiative will draw on the considerable experience and technical expertise of two strong partners who have a good understanding of global risks.”

Starr Companies chief executive Maurice Greenberg added: “Starr and Aspen together have substantial experience working with European insurance buyers and the market environment. The joint initiative will serve the partners well.”