Leading provider of aerospace insurance, Global Aerospace, has announced that Munich Re has agreed to purchase an additional 11% of the shares in Global Aerospace Underwriting Managers (Global).

The increase in shares will mean that Munich Re will have a 51% share in Global, and a subsidiary of Berkshire Hathaway will continue to own the remaining 49%.

Global manages the Global Aerospace Pool, and Munich Re’s share of the Pool will increase by 5% from January 1, 2019.

Nick Brown, Global’s Group Chief Executive Officer, said: “We are fortunate in having the backing of two such strong and committed shareholders.

“Munich Re has long had a strategic interest in increasing its investment in Global, and this deal achieves that, while ensuring that Berkshire Hathaway continues to have a very significant interest. For our customers, pool-members and employees it is business as usual.”