Feb 01, 2010 | Business Insurance

BEIRUT—ACE Global Markets leads the hull and liability coverage of an Ethiopian Airlines flight that crashed in the Mediterranean Sea shortly after takeoff last Monday, market sources said.

Ethiopian Airlines Flight 409 crashed in stormy weather shortly after takeoff from Beirut International Airport. All 90 people on board were believed to have died in the accident, reports said.

The flight was heading toward Addis Ababa, Ethiopia, when it disappeared from radar about 2.1 miles off the coast of the Lebanese city of Na'ameh. Lebanese authorities said terrorism was not suspected.

The Boeing 737-8AS was insured for $39 million, one source said. The plane was built in 2002, according to London-based Ascend Worldwide Ltd., which tracks aviation accident data.

The accident is the fourth fatal accident for Boeing's newest generation of 737 jets, according to Ascend.

Aon Ltd., a unit of Chicago-based Aon Corp., is the broker for the airline's coverage, sources said.

Ethiopian Airlines' last fatal accident occurred in November 1996, when a hijacked plane attempted to ditch in the ocean off the Comoros Islands, Ascend said.

London-based ACE Global Markets is a unit of ACE European Group Ltd.