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Wed, Apr 20, 2011

New Insurance Company Gains 50th Member In Less Than Nine Months

Aviation Alliance Insurance Risk Retention Group Fights Market Conditions To Grow

At the 2011 Aeronautical Repair Station Association (ARSA) Symposium, Bill Perdue, president of the Aviation Alliance Insurance Risk Retention Group, Inc. (AAIRRG), announced that "we have just enrolled our 50th member, which is a significant milestone in our progress as a new insurance company".

AAIRRG was formed by a group of the leading independent FAA -certificated repair stations in the United States and is sponsored by ARSA. The driving rationale for forming AAIRRG was the very high premiums that repair stations were required to pay for liability insurance on aircraft products. Traditionally, few aviation insurance markets have considered covering repair stations. Insurance rates became even more burdensome after the Sept. 11 terrorist attacks when most saw their premiums jump as much as 350 percent.

Understanding that repair stations bore no responsibility for the increased market rates, ARSA researched alternatives to the then-limited aviation insurance market. The research led to the retention of Polaris Enterprise Group, Inc, Saint Helena, CA, which specializes in insurance alternatives, to explore the feasibility of forming an insurance company that would specifically provide aircraft product liability insurance for ARSA members. AAIRRG obtained its insurance license from the State of Montana on June 18, 2010, and began the process of quickly registering in 22 states.

In nine short months, AAIRRG enrolled its 50th member, Wheeling, IL's, Aircraft Propeller Service, Inc., specialists in the repair and overhaul of Hamilton Sundstrand composite propellers.

FMI: www.aairrg.com

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