Africa News - Egypt: AGCS is lead reinsurer of downed Russian jet
Source: Middle East Insurance Review | Dec 2015
Allianz Global Corporate & Specialty (AGCS) was the lead reinsurer of the Russian passenger jet which crashed in Egypt’s Sinai Peninsula on 31 October, killing all 224 people on board.
Allianz confirmed in a statement that AGCS was the lead reinsurer of the Kogalymavia Airlines (Metrojet) aviation hull and liability policy, which covered the flight KGL9268.
“AGCS shares the policy coverage with a number of co-reinsurers and with a primary insurer, in this case, Ingosstrakh in Russia,” AGCS added.
Willis was the broker for the policy, according to media reports.
Insured losses for the plane totalled US$24 million, with Allianz responsible for 15% of the overall cover, the reports said.