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Allianz leads insurance coverage on Germanwings crash

Allianz leads insurance coverage on Germanwings crash

Allianz S.E. is the lead insurer of the coverage for the Germanwings GmbH plane that crashed in the French Alps on Tuesday.

All 144 passengers and six crew aboard the Airbus A320 flight from Barcelona, Spain, to Dusseldorf, Germany, are feared dead, according to a statement by France's President François Hollande.

Sources said that London-based brokerages Jardine Lloyd Thompson Group P.L.C. and Willis Group Holdings P.L.C. placed the insurance program for Germanwings, a budget airline operated by Deutsche Lufthansa A.G.

Lufthansa also operates a captive insurance broker, Albatros Insurance Services GmbH.

Munich-based Allianz leads the coverage for the crashed aircraft, sources said, and insurers in London and the international market also are on the program.

The French civil aviation authority said the plane sent out a distress signal about 46 minutes after takeoff before rapidly losing altitude and crashing into a mountain near the village of Barcelonnette, France.

“We must sadly confirm that flight 4U 9525 has crashed over the French Alps,” Germanwings said in a statement.

“The thoughts and prayers of Lufthansa and Germanwings are with families and friends of the passengers and crew who will be cared for,” it added.

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