Munich Re has agreed to purchase an additional 11% of the shares in aerospace insurance provider Global Aerospace Underwriting Managers Limited. Global is the company that manages the Global Aerospace Pool.
Munich Re already had a significant stake in Global. Following the acquisition, Munich will own 51% of the company. A subsidiary of
Berkshire Hathaway will continue to own the remaining 49%. Munich Re’s share of the Global Aerospace Pool will increase by 5% starting January 01, 2019.
“We are fortunate in having the backing of two such strong and committed shareholders,” said Nick Brown, group CEO of Global. “Munich Re has long had a strategic interest in increasing its investment in Global, and this deal achieves that, while ensuring that Berkshire Hathaway continues to have a very significant interest.”
Brown said that the acquisition should be practically invisible to Global customers and employees.
“For our customers, pool-members and employees it is business as usual,” he said.
Related stories:
Munich Re rocked by US$1.63 billion loss
Munich Re predicts $4 billion cost of hurricanes
.jpg)
