German insurer Allianz confirmed it was the lead insurance underwriter for the Airbus A320 plane which crashed in the French Alps on Tuesday.
All 150 people on board the plane, operated by Lufthansa’s Germanwings budget airline, were feared dead.
“We are ready to support our client as fully and quickly as possible, working in conjunction with our co-insurers,” Allianz said in a statement.
Planes are normally insured by a consortium of underwriters who share the risk.
AIG was another of the underwriters, insurance industry sources said.
JLT and Willis were joint brokers for the insurance placement, two separate industry sources added. The plane had an insured loss of $6-$7 million, they said. (Reporting by Carolyn Cohn, Jonathan Gould and Richa Naidu, editing by Sinead Cruise and Simon Jessop)
Topics Aviation Underwriting Aerospace
Was this article valuable?
Here are more articles you may enjoy.
Head of EEOC Urges White Men to Report Discrimination 
Senators Launch Probe Into Demotech’s Ratings in Florida 
Aon Adds to List of Brokers Suing Howden US for Alleged Poaching, Theft 
Court Ruling Could Help Shed Light on Owners of Litigation Funders, Medical Clinics 
