Willis Group Holdings PLC confirmed yesterday that they brokered the hull and liability coverage for the Malaysia Airlines which is assumed to have crashed into the sea on Saturday.

A spokesman for Willis said: “I can confirm that Willis is the broker on the hull and liability but I can not comment on any dollar figures reported in the media.

“We are working closely with authorities and the airline at this time. Beyond that, we have no further comment.”

In the meantime, the online publication Business Insurance is reporting that German re/insurer Munich-based Allianz SE is the insurance leader for the missing jet.

In Bermuda, Allianz Risk Transfer (Bermuda) Ltd, is located at Overbay on Pitts Bay Road.

Business Insurance is reporting that, according to its sources, Malaysia Airlines has more than $100 million in hull and liability coverage led by Munich-based Allianz SE.

The passenger jet went missing Saturday, has not been found, and the cause of the incident is unknown. Search and rescue efforts are continuing.

The Boeing 777 aircraft carrying 227 passengers and 12 crew members went missing 40 minutes into a flight from Kuala Lumpur, Malaysia, to Beijing on Saturday.

Requests for comment from Allianz went unreturned yesterday.