Virgin Galactic Spaceship Insured for $40-50 Million

The Virgin Galactic spaceship which crashed on Friday was insured against losses totalling around $40-50 million and the lead underwriter was AIG, insurance sources said on Monday. AIG declined to comment. British insurance and brokerage services provider Jardine Lloyd Thompson confirmed that it was the broker on the deal. "We act on behalf of Virgin Galactic and are providing every assistance, as is appropriate in these tragic circumstances," JLT said in a statement. Virgin Galactic is the fledgling space tourism company of billionaire British entrepreneur Richard Branson.