21 May 2013

Spirit Aero claim falls to $400mn

20 July 2012

The direct & facultative (D&F) market received a major fillip this week after it emerged that one of the major single risk losses of the year to date is to settle for considerably less than originally thought.

Tornado damage to 10 buildings at Spirit AeroSystems' Wichita manufacturing facility in Kansas on 14 April had been seen as a possible $1bn market-wide loss, with Munich Re facing a possible $650mn share of the total payout.

However, unveiling its second quarter results...

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