Moscow insurer leads hull and liability cover for crashed Russian jetPosted On: Nov. 2, 2015 12:00 AM CST
Moscow-based Ingosstrak Insurance Co. leads the primary hull and liability insurance coverage for the Russian Airbus A321 that crashed in Egypt on Sunday, killing all 224 people on board, sources said.
Reinsurance for the plane is underwritten in international markets and lead by Allianz Global Corporate & Speciality S.E., a unit of Allianz S.E., Allianz Global Corporate & Specialty said in a statement.
The coverage for the aircraft was placed by Willis Group Holdings P.L.C., sources said.
The insured hull loss is likely to be about £24 million ($37.0 million), sources said,
The plane, operated by Kogalym, Russia-based Metrojet, which is legally incorporated as Kogalymavia, crashed in Egypt's Sinai Penninsula en route from Sharm el-Sheikh, Egypt, to St. Petersburg, Russia.
The cause of the crash is not yet known, although an Egyptian group linked to Islamic State has claimed responsibility.