UK’s Global Aerospace Is Boeing’s Lead Insurer

March 11, 2019

Britain’s Global Aerospace is the lead insurer for the world’s biggest plane maker Boeing Co, the insurer’s top boss said on Monday.

“I can confirm that Global Aerospace leads Boeing, and also Lion Air,” Chief Executive Officer Nick Brown said in an email.

He did not give any financial details of the policy.

An Ethiopian Airlines passenger jet bound for Nairobi crashed minutes after take-off on Sunday, killing all 157 people on board, raising questions about the safety of the Boeing 737 MAX 8, a new model that also crashed in Indonesia in October.

Lion Air was the airline operating the plane involved in the Indonesian crash.

Insurers typically form a consortium to share the risks of large claims, with the lead insurer taking a larger proportion of the risk.

Willis Towers Watson was the broker for Ethiopian Airlines, while Chubb was the lead insurer, a Willis spokeswoman said earlier on Monday.

A Chubb spokesman declined to comment.

(Reporting by Noor Zainab Hussain in Bengaluru and Carolyn Cohn in London; editing by Rachel Armstrong)

Related:

Update: Ethiopia Airlines Crash Prompts Some Nations to Ground Boeing 737 MAX 8s

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