airline industry to start a $2 billion risk retention group called Equitime
to self-insure its war and terrorism liability, it would consider the ambitious entity in Vermont.
version known as Equitime
, and a plan with global reach under development by the International Civil Aviation Organization.
And the Air Transport Association has created a terrorism insurance product that they plan to distribute through Equitime
, its Vermont captive insurer creation, now in the works.
would retain $300 million of the limit and reinsure the balance with the federal government.
Scott Russell, a managing director with Marsh's Minneapolis office, said Equitime
would be capitalized through a private placement of stock with prospective members, including the 24 airlines belonging to the ATA and about 50 members of the Regional Airline Association.