Allianz corporate and speciality division confirmed as reinsurer as terrorist attack is not ruled out 

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Allianz Global Corporate & Speciality (AGCS) has confirmed it was the lead reinsurer for the Russian plane that crashed in Egypt’s Sinai desert killing all 224 people on board.

“We can confirm that Allianz Global Corporate & Specialty (AGCS) is the lead reinsurer of the Kogalymavia Airlines (Metrojet) aviation ‘hull and liability’ policy which covers this flight KGL9268,” Allianz said in a statement.

Willis was the broker and insured losses for the plane totalled $24 million with Allianz responsible for 15 percent of the cover, according to Reuters.

Russian insurer Ingosstrakh was the lead insurer.

Meanwhile, a terrorist attack still has not been ruled out. Metrojet executive Alexander Smirnov said that the plane was “flying out of control - that is, it wasn’t flying, it was falling.”

The company also said the plane was taken down by external impact rather than technical faults.