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U.S. Aviation Underwriters, Inc. history
U.S. Aviation Underwriters, Inc. company history timeline
USAIG co-founder David C. Beebe, Pilot, 50th Aero Squadron, Second Lieutenant (Air Service), US Army was presented with The Distinguished Service Cross for extraordinary heroism in action near St Mihiel, France, September 13, 1918.
Cosponsors modern-day recreation of 1919 flight of Vickers Vimy from Farnborough, England, to Darwin, Australia.
Both BAIG and AAU had roots which trace back to the 1920’s, giving us a unique place in the history of the development of the industry, and making us the most experienced provider in our sector.
Formed Through 1921 Merger
In 1923 Iberstein and his board of directors resigned and James White, an engineer of some renown and a business consultant, took over the company's leadership.
Recognising the needs of the fledgling air transport industry, the British Aviation Insurance Group (BAIG) was formed in 1924 with a Pool consisting of the White Cross Insurance Association (a consortium of Lloyd’s syndicates) and the Union Insurance Society of Canton.
We've been a direct reinsurer since 1929 when General Reinsurance® affirmed that it would only sell directly to insurers.
Meanwhile, in 1929 in the United States, two large insurers—Chubb & Son and The Continental Corporation—formed Associated Aviation Underwriters to underwrite simple airplane insurance.
In 1930 Boles became president of General Reinsurance.
In November 1945 a stock swap merged the two companies, which together boasted $38 million in assets and wrote $18 million worth of premiums in the following year.
Merged with Mellon Indemnity in 1945
In 1946 Edgar Boles retired after 16 years as the head of General Reinsurance.
True to its philosophy, General Reinsurance accepted only those policies for which it could charge high premiums, and as a result its underwriting premiums dropped in 1979 for the first time in corporate history.
In response, Hudson initiated a few changes, most notably the 1980 organization of General Re Corporation, which acquired General Reinsurance Corporation and its subsidiaries.
As the company always maintained, reinsurance is a business for those with deep pockets, and General Re's portfolio of $8.8 billion in invested insurance assets in 1989 amply met even its conservative definition of adequate reserves.
In 1990, the British Aviation Insurance Group name was resurrected when BAIC, Aviation & General, London Aviation Insurance Group, the aviation offices of General Accident, Commercial Union and the Eagle Star combined to form a single Pool.
The company in April 1991 agreed in principle to purchase an 80 percent stake in Royal Reinsurance Co.
The entire property-casualty industry was hurt by record disasters in 1992, leading General Re to post a combined ratio of 108.4.
General Re also used an acquisition to boost its domestic operations, when it bought National Reinsurance Corporation for about $940 million in October 1996.
In 1996, Tony Medniuk became the managing director and chief executive officer of BAIG. He sought to diversify the capital base of the Pool and it was in this period that Munich Re and our two Japanese Pool members, Tokio Marine and Mitsui joined.
Net premiums written of $6.55 billion and invested insurance assets of $24.58 billion in 1997 provided additional support for the strength of America's number one reinsurer.
For the overall ten-year period ending in 1997, however, the company posted an average combined ratio for its North American operations of 100.7, which, while not the best results in company history, was much better than its competitors' during the same period.
The use of hijacked airliners on September 11, 2001 as terrorist weapons shocked the world; yet Global Aerospace was at the forefront of ensuring that the air transport industry could continue to operate despite these new unprecedented risks.
In late 2007 Global opened its first Continental European branch office, in Zurich.
The insurance security offered by the Pool was further diversified in 2009 with the addition of Mapfre Global Risks, Also in 2009, Tony Medniuk, who had led the company’s growth to becoming the largest specialist international provider of aviation insurance, retired.
In 2010, Global Aerospace launched e-certs online certificate processing.
Nick led the company’s digital transformation to face the demands of an ever-evolving aerospace insurance market until his retirement in December 2021.
Rachel Barrie was appointed CEO in January 2022 and her deep market knowledge and extensive proficiency in underwriting and innovation management provides dynamic leadership for our customers, employees, pool members, and shareholders.
© 2022 Global Aerospace, Inc.
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U.S. Aviation Underwriters, Inc. may also be known as or be related to U.S. Aviation Underwriters, Inc., U.s. Aviation Underwriters, U.s. Aviation Underwriters, Inc., US Aviation Underwriters Inc and United States Aviation Underwriters, Incorporated.