Aerospace
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Sources said Island Express Helicopters holds a $50mn hull and liability insurance policy. -
The broker said that Boeing claims of up to $1.5bn had prompted rates to surge.
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Sources said carriers will likely need OFAC approval to make liability payments to Iranian families.
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The roughly $53mn cost of the aircraft’s hull will fall on the carrier’s war policy, sources said.
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Concerns have arisen over how payment may be split if the aircraft’s black box is not recovered.
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Richard Stockley joins several Willis alumni at the new broking operation.
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The Civil Aviation Administration of China account has an annual premium volume of about $85mn.
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Marcia Rosset and Mike Dumenil are set to join the business.
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The senior broker resigned from Willis Towers Watson yesterday, according to sources.
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Carsten Nawrath joins the carrier after leading Swiss Re’s general aviation and aerospace business in EMEA.
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Michael Dobson will take over from outgoing general counsel Stephen Walsh in early January.
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Wayne Hawkins, Stuart Nelson and Andrew Barker are set to join the Steve McGill-led broker.
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