Marsh launches Japanese aircraft finance insurance consortium with Sompo
Broker Marsh has developed a Japanese aircraft finance insurance consortium (AFIC) in collaboration with Sompo Japan Nipponkoa Insurance and Sompo International.
AFIC aims to provide an alternative aircraft finance insurance product for banks and capital market investors that are funding Boeing aircraft.
Marsh said EL AL Israel Airlines (EL AL) is the first airline to access its non-payment insurance product to purchase a new Boeing 787-9 aircraft.
Robert Morin, AFIC transaction and business development leader at Marsh, said: “Since its launch, AFIC has made a significant contribution to the diversification and further development of the aircraft finance market. The work of Marsh, DBJ, Sompo Japan Nipponkoa and Sompo International, SBI Leasing Service, and ABL Aviation with EL AL to finance the new Boeing 787-9 aircraft marks a significant milestone in AFIC’s global development.
“Through the creation of Japanese AFIC many Japanese financial institutions, especially regional banks, can reduce the lending risks associated with aircraft finance and get involved in this dynamic industry, and offer airline financing solutions with greater confidence,” Morin added.
Dganit Palti, CFO, EL AL, commented: “EL AL Israel Airlines is happy to finance an aircraft, for the first time by a Japanese bank. Such financing emphasises the strengthening of the connection between the two countries. We believe that those connections will be further strengthened by opening the direct route between Tel Aviv and Tokyo by EL AL in March 2020.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
More of today's news
Allianz partners with Munich Re-backed insurtech Wrisk
AIR Worldwide expands flood models for Central Europe and UK
Zurich takes lead on UN climate goals; changes underwriting policies for coal-based risks
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze