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AIG is Lead Insurer in Venezuelan Air Crash

Source: Business Insurance

Posted on 14 Sep 2010

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According to an aviation market source, American International Group Inc. (AIG) leads the coverage for an airliner that crashed in southeastern Venezuela on Monday.

The government-owned Conviasa flight crashed Monday morning 12 minutes after takeoff near the town of Guayana. The plane was carrying at least 47 passengers and crew, and conflicting media reports said that three to 14 of those had died, with 21 to 33 additional people hospitalized.

A market source said that AIG led the coverage for the ATR42 twin-turboprop, while Lockton Cos. L.L.C. brokered the coverage. The source said the hull was likely valued at about $9 million.