Berkley Accident and Health has set up Encap Business Aviation Captive to create “an insurance brokerage program specifically for business aviation employers that employ between ten and 1,000 employees,” Joe Clifton, director of JP Benefits Connection, told AIN. The program offers medical and prescription coverage.
Bryan Moss, the former president and vice chairman of Gulfstream, has joined private investment firm Guggenheim Partners as the chairman of its recently restructured business aircraft investment division. The company, which manages more than $80 billion in assets, provides investment management, investment banking and capital market services among other offerings to corporations, governments and individuals.
FinServe Aviation Insurance introduced an insurance program designed specifically for business aircraft owners and operators in Europe. According to the company, the program covers a broader range of risks associated with business aviation than a standard aircraft insurance policy.
Fourteen charter operators and four auditing companies met early last month to discuss whether there should be a single audit standard for the charter and fractional-share industry. The meeting was organized by the Air Charter Safety Foundation, which developed the ACSF industry audit standard and is proposing that this be the sole standard used for auditing charter companies.
Aerospace firms have been doing a roaring trade here at the Paris Air Show, selling record volumes of aircraft, engines and all the associated systems and services that go with them. But, according to leading mergers and acquisitions specialists, they should be just as busy buying and selling each other since the industry recovery now presents the ideal combination of motive and opportunity.
As mixed signals continue in the business jet market, JPMorgan North American Equity Research says in its latest industry update that a “decisive recovery [remains] elusive.” The investment firm notes positive trends such as “solid” first-quarter business jet orders announced by Bombardier last week, as well as declining pre-owned aircraft inventories.
Aerospace companies trying to bounce back from the downturn face many challenges, including rising costs, but they are still enjoying one blessing: lower insurance costs. The latest “Aerospace Market Outlook” report from leading insurance group Aon Risk Solutions shows the industry now starting its fifth consecutive year of falling premiums.
Berkshire Hathaway’s audit committee claims that former NetJets chairman and CEO David Sokol violated “the highest standards of business ethics” maintained by NetJets parent Berkshire Hathaway in his trading of shares in Lubrizol. Sokol resigned from Berkshire Hathaway on March 28.
Newly hired general aviation industry workers are most at risk for suffering on-the-job injuries, according to a study released recently by United States Aviation Underwriters (USAU). In an attempt to categorize the areas where most injuries and worker-compensation claims occur in the GA industry, USAU studied the last 10 years of insurance claims from its clients.
Business aircraft sales firm Jetcraft is “seeing clear evidence” of a return to a more stable pricing environment for large-cabin, long-range business jets. “There has been a significant reduction in the gap between buyer and seller price expectations, due in part to the reduction of distressed assets that flooded the market in late 2008,” noted company co-owner Jahid Fazal-Karim.