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About us >
Global Aerospace was created in January 2001 following the purchase of Associated Aviation Underwriters, the second largest specialist aerospace insurer in the USA, by the British Aviation Insurance Group.
Through these companies, our roots date back to the 1920's, making us the oldest specialist insurance company in the world.
In the early years, following the First World War, low powered engines and rudimentary navigation made aviation insurance a high-risk business - as a result, many companies pulled out.
When few remained, the British Aviation Insurance Group (BAIG) was formed in 1924, through the merger of the White Cross and the Union Insurance Society of Canton, led by Captain Lamplugh and Lt Col Rabagliati.
Meanwhile, in 1929 in the USA, two large insurers, Chubb & Son and The Continental Corporation, formed Associated Aviation Underwriters, to underwrite simple 'airplane insurance'.
In 1931, BAIG was formed into a new company, the British Aviation Insurance Company (BAIC), with Captain Lamplugh as its chief underwriter and principal surveyor. He was quoted to say
Keeping pace with new technology
A dramatic expansion in civil aviation followed World War II, fueled by new technology and the many highly trained pilots no longer engaged in combat. Ex-military aircraft were soon replaced by new, purpose built planes, such as the Boeing Stratocruiser, Heathrow Airport became London's Airport and BEA, Air India and SAS were formed. Pan Am became the first airline to offer a round-the-world service.
A major problem facing the insurance industry was the vastly increased value of the new aircraft. The Lockheed Constellation was valued at US$850,000 and the Boeing Stratocruiser at US$1,500,000, more than the value of an entire pre-war fleet.
Larger passenger numbers also gave cause for concern, with the new aircraft able to carry over 80 passengers. On the upside, aviation safety standards were improving.
BAIC and Aviation & General (another founder member of BAIG) were able to provide insurance cover that kept pace with this rise in fleet value.
The jet age soon became fact and aircraft values rose significantly as each technological advance prompted another jump. In 1956, a B707 was valued at US$7.5 million; in 1968, the introduction of the B747 in 1968 reached a new peak of US$25 million. The founder members of BAIG were the first to rate and lead the insurance of this "Jumbo Jet".
Given the substantial sums involved, the insurance of the aviation industry has never been a simple undertaking. Competition for business has always been keen.
In 1990, BAIC, Aviation & General, the London Aviation Insurance Group, and the aviation offices of General Accident, the Commercial Union and the Eagle Star combined to form the British Aviation Insurance Group. In bringing together many specialist elements, the new company became Europe's largest specialist aviation insurer. BAIG not only benefited from higher levels of financial capacity, it was also more efficient and effective than its constituent parts.
In 1996, Tony Medniuk became the managing director and chief executive officer BAIG. Since that time, the number of member companies has evolved to include the addition of two Japanese companies: Tokio Marine and Mitsui Marine. In 1998 more global insurers joined: Munich Re and Zurich Financial Services Group.
By the year 2000, it became clearer than ever that a global insurer was needed in order to provide the whole range of services required by the increasingly international aviation industry. BAIG was able to purchase AAU and in doing so created Global Aerospace.
It was at this time that the whole aerospace insurance industry had to face up to a new threat that international terrorism presents. The use of hijacked airliners as a means of mass destruction and murder was a shock to the whole world yet Global Aerospace was at the forefront of ensuring that the aerospace insurance industry was able to operate despite the new unprecedented risks.
In 2009 Mapfre Global Risks, the large Spanish insurer, joined the Global Aerospace Pool, further increasing the depth and breadth of the security that Global Aerospace offers.
Global Aerospace also opened offices in Zurich and Paris to further provide our range of underwriting and claims services to brokers and clients within mainland Europe.
Also in that year Tony Medniuk, who had led the company from being a London insurer to become the largest specialist international aviation insurer, retired being replaced by Nick Brown who had been in charge of underwriting within the Group.
Global Aerospace has been involved in aerospace insurance for over 80 years. We have developed our services to accommodate the growth and increasing complexity of modern aviation. Global Aerospace has the experience and the resources to meet the challenge of the future.
Captain A.G. Lamplugh
CBE FRAeS MJAE FRGS
"Aviation in itself is not inherently dangerous. But to an even
greater degree than the sea, it is terribly unforgiving of any
carelessness, incapacity or neglect."