Munich Re to take majority stake in aviation insurer
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Munich Reinsurance Co. will hold a majority stake in Global Aerospace Underwriting Managers Ltd. after agreeing to buy an additional 11% of shares in the London-based aviation insurance provider.
Following the purchase from National Indemnity Co., a unit of Berkshire Hathaway Inc., Munich Re will own 51% and National Indemnity will own 49%, Global Aerospace said in a statement Thursday.
Global Aerospace issues policies on behalf of a pool of insurance and reinsurance companies.
Further, Munich Re’s share of the pool will increase by 5% to 49.96% from January 1, 2019.
“Munich Re has long had a strategic interest in increasing its investment in Global, and this deal achieves that, while ensuring that Berkshire Hathaway continues to have a very significant interest,” Nick Brown, Global Aerospace’s group CEO said in the statement.
