Allianz Is Lead Underwriter for Crashed Germanwings Airbus A320

German insurer Allianz confirmed it was the lead insurance underwriter for the Airbus A320 plane which crashed in the French Alps on Tuesday.

All 150 people on board the plane, operated by Lufthansa’s Germanwings budget airline, were feared dead.

“We are ready to support our client as fully and quickly as possible, working in conjunction with our co-insurers,” Allianz said in a statement.

Planes are normally insured by a consortium of underwriters who share the risk.

AIG was another of the underwriters, insurance industry sources said.

JLT and Willis were joint brokers for the insurance placement, two separate industry sources added. The plane had an insured loss of $6-$7 million, they said. (Reporting by Carolyn Cohn, Jonathan Gould and Richa Naidu, editing by Sinead Cruise and Simon Jessop)