Operators flying within, to, from or over the 25-nation European Union (EU) need to check their insurance policies to ensure that they meet the new minimum liability requirements that will take effect on April 30. Failure to do so could result in the prohibition of flights, the withdrawal of operating licenses and, potentially, criminal prosecution.
EBITDA stands for “earnings before interest, taxes, depreciation and amortization.” In the acquisition world, businesses are valued by a multiple of their EBITDA. The buzz lately is that FBOs are popular among some aggressive private equity funds, and that has led to sales on the order of eight or nine times EBITDA–a rising trend that many say cannot continue.
Business aircraft and large charter operators may start seeing reduced insurance premium rates within the next few months, if they haven’t already. According to various brokers, insurance premiums for certain segments of the business aircraft and charter market have fallen by 25 percent or more in the past six to 12 months.
Health and security assistance provider MedAire disclosed that its two largest shareholders have reached a letter of agreement “outlining mutual goals and strategies in relation to the direction and control of MedAire” that would effectively place control of the company in the hands of its largest competitor, International SOS (ISOS).
NBAA’s was one of more than 170 comments filed (mostly in support) to the Securities and Exchange Commission rulemaking proposal to require more detailed reporting of top executive compensation, including such perks as personal use of corporate aircraft.
A little over one year has passed since the European Union introduced higher minimum liability insurance requirements for aircraft registered within the EU, and those of foreign registry flying into or over its 25 member states.
Zurich based Exklusiv Aviation Services also has offices in Moscow and Istanbul. This clearly indicates its orientation, although the company says it is offering worldwide service. Exklusiv works as an executive charter broker at large but has a special relation with Luxair for marketing the seats of its fleet of seven Falcon 900s and 2000s.
When Mary Schwartz, director of aircraft finance for Citigroup (Booth No. 1058), was given the task of forming the New York-based bank’s aircraft finance department six years ago, its portfolio of business airplanes consisted of just a few.
New European Union minimum liability insurance standards that took effect April 30 are causing some U.S.-based operators to rethink their trips to Europe.
The time has come, your boss tells you, to buy another aircraft. So you jump to the task, do your research and find just the aircraft the boss needs. But before she signs her name on the purchase contract, she calls you and asks, “Do you think we need title insurance?”