Robert Morin has been recruited by the Aircraft Finance Insurance Consortium (AFIC) to serve as transaction and business development leader.

Insurance broker Marsh, a participant in AFIC, disclosed the appointment.

Morin was previously senior vice-president of business and product development at the US Export-Import Bank, where he spent 20 years.

AFIC has also hired Gabriel Okolski from Ex-Im Bank as credit and financial analyst. Both will be based in Washington DC.

Boeing-sponsored AFIC is providing private-sector, export credit agency-backed debt. This fills the gap left for Boeing by the Ex-Im Bank's current inability to guarantee big-ticket loans.

Available exclusively through Marsh, AFIC says it "can assist airlines globally in obtaining more efficient financing by utilising insurance to protect the lender's exposure to default for the duration of the loan".

AFIC's global leader Bruce Fine describes it as "a significant development in the diversification of aircraft finance globally", adding: "We're delighted to have people of Bob and Gabe's calibre – both of whom have done seminal work in the convergence of airplane risk capital, law, regulation and loan protection – join our team and take AFIC to the next stage of its development."

Fine told FlightGlobal recently that AFIC had no immediate plans to extend its product to cover Airbus aircraft.

Underwriting AFIC are four global insurers: Allianz, AXIS Capital, Sompo International and Fidelis.

So far, AFIC has been used for two transactions: one involving a Korean Air Boeing 747-8; the other, four 787s and six 737 Max jets for Norwegian.

Source: Cirium Dashboard