The lead underwriter for the Virgin Galactic spaceship which crashed has been identified, with insured losses expected to come in at $40-50 million.
British insurance and brokerage services provider Jardine Lloyd Thompson confirmed that it was the broker on the deal, according to
Reuters, and
AIG the lead underwriter.
“We act on behalf of Virgin Galactic and are providing every assistance,” JLT said in a statement to the press, “as is appropriate in these tragic circumstances.”
AIG did not comment.
Virgin Galactic is the private space tourism company of British billionaire Richard Branson, who was the subject of an exclusive interview in last year’s inaugural launch of
Insurance Business magazine.
The spacecraft crashed in California's Mojave Desert during a test flight on Friday, killing one pilot and injuring the other.
Insured loss estimates are expected to be similar to those for the unmanned American Antares supply rocket which exploded moments after liftoff last week.
The Virgin Galactic spaceship was insured under an aviation "hull and liability" policy, in contrast to the supply rocket which was insured in the space market, insurance specialists told
Reuters.
According to the International Underwriting Association, Lloyd's of London insurance market plays a key role in aviation insurance, with gross written premium at Lloyd's totaling more than $1 billion for the previous year.
