The Middle East Business Aviation Association (MEBAA) expanded its aviation insurance program (MAIS) to include coverage for MROs, pilots, ground handlers, refuelers, fuel sales agents and other industry stakeholders. The association launched the aviation insurance group discount program for operators at the 2011 Dubai Airshow.
American International Group
Amsterdam-based AerCap’s planned acquisition of International Lease Finance Corp. from American International Group stands to return a sense of stability to a business in which the disposition of one of two dominant players hung in doubt for more than a year. It also promises to result in what AerCap CEO Aengus Kelly characterized as “the most attractive order book in the industry,” valued at $25 billion.
American International Group has agreed to sell its 100-percent stake in International Lease Finance Corporation (ILFC) to Netherlands-based aircraft leasing firm AerCap Holdings, the companies announced Monday.
American International Group has agreed to sell up to a 90-percent stake in International Lease Finance Corporation (ILFC) to a group of Chinese investors led by Weng Xianding, the chairman of New China Trust Company, AIG announced today.
The latest personal scandal to shake the aerospace industry saw former Boeing International president Laurette Koellner unseat Henri Courpron as the seniormost executive officer at International Lease Finance Corp., parent company American International Group (AIG) announced Thursday evening.
Steven Udvar-Hazy’s Air Lease Corporation (ALC) attributes a trade secrets lawsuit filed against it on April 24 by American International Group and its subsidiary, International Lease Finance Corp., to what it characterizes as ILFC’s inability to compete effectively and its perception of Air Lease as a “growing threat.”
Insurance giant AIG appeared closer to proceeding with plans to wind down its exposure to the aircraft leasing business when on September 2 its ILFC unit filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering.
Buyers of coverage for aircraft, aviation businesses and property have found a silver lining in the recession: relatively stable prices for insurance. Attendees at this year’s Aviation Insurance Association (AIA) conference confirm the news; too much available insurance capacity means that no underwriter has the power to raise prices.
Perception is reality. That was the message yesterday from European and U.S. business aviation leaders who are waging an image campaign against politicians and the media engaged in class warfare against travelers who fly privately.
In addition to the costs of acquisition, prospective buyers must consider the costs–especially insurance and taxes–they will incur once they own the aircraft. To that end, aircraft management contracts with well thought-out insurance provisions should be integral to the aircraft acquisition process, said Bill Kingsley, an account executive with the Addison, Texas-based brokerage AirSure.
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