MUNICH Re increases its shareholding in GLOBAL AEROSPACE

20 December 2017 — Vlad BOLDIJAR
GLOBAL AEROSPACE, a leading provider of aerospace insurance, announced that MUNICH Re has agreed to purchase an additional 11% of the shares in GLOBAL AEROSPACE Underwriting Managers Limited (GLOBAL) - the company that manages the GLOBAL AEROSPACE POOL.

Following the acquisition, MUNICH Re will own 51% and a subsidiary of BERKSHIRE HATHAWAY Inc. will continue to own 49%.

MUNICH Re's share of the Pool will increase by 5% from 1st January, 2019.

MUNICH Re currently has 44.96% of the GLOBAL AEROSPACE POOL. The other shareholders are: National Indemnity Co. (23.39%), TOKIO MARINE and NICHIDO FIRE Insurance Co. (12.37%), MAPFRE Global Risks (10.00%) and MITSUI SUMITOMO Insurance (9.28%).

Nick BROWN, GLOBAL's Group Chief Executive Officer commented, "We are fortunate in having the backing of two such strong and committed shareholders. 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. For our customers, pool-members and employees it is business as usual."

1923 views
Share |