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Global Aerospace is lead insurer for Boeing

Boeing 737 MAX 8

(Reuters) — Britain’s Global Aerospace Inc. 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.

Marsh & McLennan Cos. Inc. is the broker for Boeing, the world’s biggest plane-maker, two sources told Reuters.

An Ethiopian Airlines passenger jet bound for Nairobi crashed minutes after takeoff Sunday, killing all 157 people on board and 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 PLC was the broker for Ethiopian Airlines, while Chubb Ltd. was the lead insurer, a Willis spokeswoman said earlier on Monday.

A Chubb spokesman declined to comment.






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