Leslie Kurshan, Leader of Innovative Client Solutions at insurance broker Marsh and Vicky Hartley, Boeing Capital Corporation's Senior Director of Customer Finance for Europe, will address the Financial Centres Summit, Dublin October 2017 on the Aircraft Finance Insurance Consortium Aircraft Non-Payment Insurance (ANPI) product introduced earlier this year.
This is one of the most notable innovations in recent years in global aircraft financing innovative product, having been developed by Marsh in response to a request by Boeing Capital Corporation to Wall Street institutions in 2016 to create an alternative structure to the US export credit guarantees provided by the US state-backed Ex-Im Bank. These guarantees apply to credits of less than investment-grade which had been provided by the Ex-Im Bank until it ran into a political impasse which has subsequently prevented it approving individual transactions of more than $10 million.
The AFIC consortium, underwritten by four major re/insurance players (Allianz, AXIS Capital, Sompo International and Fidelis), specifically provides non-payment insurance to banks and capital market investors involved in the financing of new aircraft from Boeing.
Kurshan and Hartley have both been at the heart of the development and successful launch of the AFIC policy and product. Kurshan is the Marsh attorney who has managed the entire evolution of the product while Hartley is been the Senior Finance Director at Boeing directly involved in managing the project. They are therefore the perfect people to provide fascinating insight into all aspects of the groundbreaking product which is generating huge interest within the airline, aircraft finance and leasing and the aircraft manufacturing sectors.
Since its initial use, to support the purchase of a 747-8 and two 787-9s this year by Korean Air Lines, AFIC has already closed on the financings of nine new aircraft and is in the process of documenting the financing of five others. It is also pursuing a number of further opportunities expected to close later this year and next year.