Global Aerospace, the London-based provider of aerospace insurance, announced that Munich Re has agreed to purchase an additional 11 percent of the shares in Global Aerospace Underwriting Managers Ltd., the company that manages the Global Aerospace Pool.
Following the acquisition, Munich Re will own 51 percent and a subsidiary of Berkshire Hathaway Inc. will continue to own 49 percent.
Munich Re’s share of the Global Aerospace Pool will increase by 5 percent from Jan. 1, 2019, Global Aerospace said in a statement.
According to Global Aerospace’s website, Munich Re currently has 44.96 percent of the Global Aerospace Pool; National Indemnity Co. has 23.39 percent of the pool; Tokio Marine and Nichido Fire Insurance Co. has 12.37 percent share; Mapfre Global Risks has 10 percent, and Mitsui Sumitomo Insurance has 9.28 percent.
“We are fortunate in having the backing of two such strong and committed shareholders,” commented Nick Brown, group chief executive officer of Global Aerospace Underwriting Manager.
“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,” he added. “For our customers, pool-members and employees it is business as usual.”
Source: Global Aerospace