plane talking - JLT Specialty

PLANE TALKING AVIATION NEWSLETTER NOVEMBER 2016 EDITION

LEAD LINES

RENEWAL ANALYSIS

LOSS ANALYSIS

ALSO IN THIS ISSUE

Toby Ward Talks Hayward Aviation and the General Aviation (GA) Market...

November as expected was a busy month for the aviation insurance market with...

November recorded fewer losses than in recent months, yet witnessed the largest loss of life...

Market News

Page 2

Page 4

Page 6

8/9

Ratings Changes

8

Arrivals & Departures

9

Executive Summary IS THIS THE END OF THE SOFT MARKET? November and December are the months that ultimately dictate the annual statistics and determine the direction the market will take as we enter the new year. With the November placements now wrapped up, and our knowledge of the December renewals that have already been concluded, our analysis highlights increased signs that market conditions are changing. Renewal results have become extremely segmented and as such there is great disparity amongst the statistics. Capacity remains a key factor and it is clear that increased underwriting discipline/selectivity is now having a greater effect. Whilst theorectical capacity levels haven’t reduced, and we are yet to see any significant withdrawals, the reality is that the available capacity at a competitive level of pricing has become very limited. Markets are now prepared to reduce their overall line sizes if they are not happy with the level of pricing offered, despite any long-term relationships that they may have. Likewise underwriters are now also declining more risks due to pricing, regardless of any negative effect on their premium income. These factors mean that a large portion of available market capacity now exists in a dormant state, waiting for its required criteria to be met before it returns. Price differentiation is also a key point. We often talk of the market as if it moves as one, when in reality this is not the case as it consists of numerous participants, each of whom have differing tolerances and philosophies which ultimately effect the price of each account. Traditionally, every underwriter writes business at their own terms, usually at a reduction to that of the leader, however this market verticalisation is now regularly flipped on its head resulting in a price which is higher than lead terms. This too is an important signal that placing business at a competitive price is becoming harder. December could well end up being the most interesting renewal month in recent years.

2 AEROSPACE | PLANE TALKING | NOVEMBER 2016

AUTHOR PROFILE

Toby Ward Managing Director - Hayward Aviation

Lead Lines - Toby Ward Talks Hayward Aviation and the General Aviation (GA) Market Hayward Aviation was acquired by the JLT Group in December 2014, since joining how has Hayward’s integrated with the JLT Aerospace team?

discuss key trends. However, we have

The merger brought two like-minded

Underwriters but new Leaders, seeking

aviation broking businesses together so

to grow their account portfolios – strong

“culturally” we have fitted together easily.

evidence that with excess capacity in the

Servicing our clients is paramount;

GA market, “(under)writing for market

helping to solve their insurance needs –

share” is a driving factor for some

we share these goals. Inevitably, there

Insurers.

seen evidence that the most significant rate reductions for larger clients are no longer offered by their expiring Lead

has been and still is a huge amount of Biography

work in the background that needs to

Toby has been in the insurance market

happen – but JLT’s Group resources and

since 1977, starting his career with Cayzer

enthusiasm has helped make this easier.

What do you see as the biggest threat to the General Aviation insurance market?

The two businesses neatly slotted

Ultimately, a series of catastrophe losses

together, with complementary skills.

and a capacity crunch are the main

When we have needed to, we’re been

threats to this market but realistically

able to exploit our combined resources

we don’t see any significant threats to

to support our clients and we hope

the GA insurance market because it is

that we are now better able to support

so geographically diffuse. The biggest

clients globally, working with JLT

threat to the sector is the sector itself.

He joined Hayward Aviation, immediately

group operations worldwide as a more

General Aviation; business aviation;

following its formation, as a Director,

focussed GA offering.

private aviation, depending on what

Steel Bowater, a Lloyd’s broker involved in major fixed and rotary wing accounts. In 1982 Toby joined John Plumer and Partners (now Arthur J Gallagher UK) and was appointed Director in 1986, where his role was to develop business and service major clients.

you call it can be sensitive to global

responsible for developing and overseeing Hayward’s growing client base. He was appointed Managing Director in 1999.

What are conditions in the General Aviation insurance market like at present? While it is hard to provide industry statistics on average rates within GA

economic conditions. We saw this between 2008-2010, when order books for new private jets slowed in line with the global recession, triggering off closures, consolidation and retrenchment.

compared to, for example, commercial

Two areas may potentially have a

airlines, the general trend is positive for

disproportionate impact on the GA

most GA insurance buyers. We are

sector. The explosion in drones

routinely offering our clients greater cover

numbers is a real threat to all current,

for less money.

airspace users. While the nightmare scenario of a drone hitting a passenger

What have been the key trends witnessed during 2016? Want to feature in Lead Lines? If so then please contact us at: [email protected]

The GA market is more regionalised or even country by country than the commercial airline insurance sector, where access to markets globally is essential. It’s harder therefore, in GA, to

airline is very real, smaller GA aircraft are also vulnerable. The toxic combination of a private jet crashing due to a drone collision would fuel the anti-private aviation section of society to even greater levels than is often seen when a private GA aircraft crashes. Continued on page 3 

WWW.JLTSPECIALTY.COM | PLANE TALKING 3

“While it is hard to provide industry statistics on average rates within GA compared to, for example, commercial airlines, the general trend is positive for most GA insurance buyers.”

 Continued from page 2

Likewise the risk of terrorist groups

of anticipation about the introduction

and the European Aviation Safety Agency

hijacking GA aircraft for hostile intent is a

of single engine turbo prop aircraft

(EASA). The UK is a major European

potential threat to the sector that would

entering the charter market in the next 12

hub actively involved in developing

have a ripple effect across the globe in

months.

GA airspace, standards and services.

the event of such an unpleasant incident.

Operationally, GA continues to fill in the gaps where one-size-fits-all commercial

Similarly, where do you see the biggest opportunities for the General Aviation sector?

“We are focussing on

Across the world there are always

responsive.”

being flexible, creative and

the size and relatively low barriers to appear each year – while often other sectors take a downturn. Whereas in early 2016 we saw the consolidation of a number of European GA (business

this is likely to continue and may even grow pre-and post-Brexit. Finally, what can we expect from Hayward Aviation in 2017?

opportunities for the GA sector. Given entry for GA operators, new GA hotspots

aviation operations don’t operate and

With this in mind, what is the outlook for the General Aviation market in 2017 in your opinion?

In 2017… more of the same – our client

The outlook is positively mixed – some

deliver real value to our clients – not just

retention levels are high and we want to keep it that way. We will continue to

sectors will boom, others will find

lower premiums.

business hard. Nimble operators who

We have successfully grown our

can switch around will continue to do

business over the past 25 years by being

well. The same can be applied to the GA

problem-solvers for our clients’ aviation

The aviation oil-industry support sector

insurance sector – we are focussing on

risks. As this business continues to get

has had a tough 18 months but as the

being flexible, creative and responsive.

more complex rather than less, JLT’s

price of oil rises, demand will come back.

Insurers with a similar strategy will thrive;

focus on serving those sectors where we

Developing regions, notably China are an

others won’t but there will always be new

can bring the greatest insight, innovation

obvious opportunity but success in the

insurers attracted to this global sector.

and imagination to clients’ risks aligns

Any outlook for the next 12-18 months

neatly with what the GA sector wants.

aviation) operations, there are fewer opportunities in 2017 and beyond for similar consolidations.

global GA sector isn’t necessarily about being big but nimble, able to jump into new opportunities quickly.

cannot ignore Brexit and the possible impacts. Structurally, there will be many

Looking specifically within the

issues to resolve such as collaboration

European GA sector, there is a sense

between the UK Civil Aviation Authority

We’ll keep doing what we are good at, in the tried and tested old-fashioned “service, service and service” way!


Renewal Analysis The larger selection of renewals in November provide us with a far better view of current market conditions than we have seen in recent months. On analysis of these renewals it is evident that underwriters are taking a harder stance to that seen throughout the year. Whilst we continue to observe a three-tier market, it is clear that underwriting discipline and risk selectivity are having a greater influence on results, both positively and negatively dependent on each individuals circumstances and profile. As such it has now become increasingly difficult to report monthly average figures for the market as a whole when conditions and pricing are so segmented. That said, the overall subjective summary is that it is becoming more and more difficult to place airline business with aviation underwriters at the competitive terms that the market has become accustomed to.

THE ‘THREE-TIER’ MARKET VIEW TIER A Airline/Type

Market Sentiment

• Airlines with low-limits.

• Still achieving rate reductions based on individual levels of growth.

• Often single type fleets/smaller narrowbody aircraft. • Typically showing high fleet/ traffic growth.

Rate Change/Direction

• Higher capacity available due to lower limits. • Seen to have a lower Probable Maximum Loss (PML).

• Generally good loss record.

HARD

SOFT

HARD

TIER B Airline/Type

Market Sentiment


• Airlines with high-limits.

• Generally flat renewals.

• Often mixed fleets/large aircraft.

• Restricted capacity levels due to high-limits.

• Typically showing low fleet/ traffic growth.

• Differentials between lead and following prices being squeezed.

• Variable loss records.

• Seen to have a higher Probable HARD Maximum Loss SOFT (PML).

HARD

HARD

SOFT

TIER C Airline/Type

Market Sentiment


• Airlines affected by major losses.

• Receiving rate increases and penalties.

HARD

SOFT

HARD

SOFT

• Capacity now extremely limited.

• Airlines with poor attritional loss records.

HARD

• Receiving added scrutiny from underwriters. • Strong focus point as underwriters look to reduce the loss factor in their portfolios. SOFT HARD SOFT

HARD

SOFT

HARD


Renewal Comment NOVEMBER AIRLINE RENEWALS

FORTHCOMING AIRLINE RENEWALS

November as expected was a busy

Around 100 airline insurance renewals

month for the aviation insurance

are expected to take place in December,

December Renewals

market with an increased schedule of

generating more premium than any other

The 5 largest airline renewals in December

activity taking place not only in terms

month and approximately 45% of the

are shown in the table below:

of the November placements but the

total amount for the year. Much of the

negotiations for forthcoming December

renewal activity is concentrated in the

renewals.

early part of the month and around just

Around half of the airlines on the November renewals list have fleets valued over USD1 billion and amongst

128.4bn

22 Dec

37.9bn

1 Dec

27.7bn

United Continental

31 Dec

22.8bn

Cathay Pacific

15 Dec

20.9bn

American Airlines

the current trend.

in fact the largest airline insurance

in our last edition.

1 Dec

these renewal results continue to support

The largest renewal in December and

additional changes from those reported

Expiring AFV (USD)

C.A.A.C.

in the world.

November renewals, we recorded no

Renewal Date

Airline

a handful of dates. Early indications of

them were some of the biggest carriers

Following the conclusion of the

FORTHCOMING AIRLINE RENEWALS*

placement in the world is the C.A.A.C.

Air France/KLM Group

Group of China with a combined fleet valued at around USD128 billion. Approximately half of the renewals list have fleets valued in excess of USD1

January Renewals The 5 largest airline renewals in January are shown in the table below:

billion and major carriers from all regions

Renewal Date

Expiring AFV (USD)

Libyan African Group

30 Jan

1.5bn

Conviasa

16 Jan

841.2m

their policies into December, these are

Gainjet Aviation

26 Jan

364.5m

Fuji Dream and Tarom.

TACV - Cabo Verde

1 Jan

126.6m

A number of accounts come to market

Tailwind Airlines

6 Jan

108.4m

of the world are represented amongst the list. This year the renewals list will see two additional carriers after they extended

Airline

having moved broker, these include: Avianca/Synergy Group which has moved to JLT from Marsh, Royal Air Maroc which has moved to JLT from Willis, UTAir which has moved to JLT from UIB and China Airlines moving to

February Renewals The 5 largest airline renewals in February are shown in the table below:

Aon from JLT.

Renewal Date

Expiring AFV (USD)

Solaseed Air

20 Feb

521.1m

ACT Airlines

12 Feb

377.0m

TAME

9 Feb

374.5m

Hi Fly

5 Feb

268.8m

14 Feb

59.6m

Airline

Swiftair

*Airlines with AFV >USD50m. Source: JLT.


11

Loss Analysis

NOVEMBER AIRLINE LOSS SUMMARY*

NOVEMBER AIRLINE LOSSES Delta Air Lines

HULL LOSS ESTIMATE: TBC

01/11/2016 0 Fatalities

B737-800 (N395DN)

USA

Whilst undergoing a maintenance A check at New York - JFK, a fire erupted in the avionics bay. The bay and the cockpit were covered in fire suppressant agent. The extent of damage is unknown but localised.

LIABILITY LOSS ESTIMATE: USD 25m


B737-400SF (HK-5139)

NUMBER OF FATALITIES:

AerCaribe

Colombia

71

The aircraft was performing a flight from Leticia to Bogota (Colombia). Upon landing in Bogota it suffered damage to both main gear struts, causing all main gear wheels to rotate out of their correct movement of direction. The right hand gear wheels also damaged the runway surface and the right hand tyres burst.

All Known Airline Losses Net of Deductible

Lufthansa Cargo

MD11-F (D-ALCM)

100

Argentina

500

80

The aircraft, performing a freight flight from Brazil, suffered damage to its nose gear upon landing in Argentina. The entire left nose wheel separated from the gear leg and the underside of the fuselage received substantial damage as a result of the debris which was thrown 80 up. 400

60

QantasLink 60

B717-200 300 (VH-YQU)

Australia

USDm


USDm

USDm

100


The aircraft sustained damage whilst parked at Brisbane Airport when a powerful storm swept through the area. The aircraft suffered puncture damage to the fuselage skin in a 40 of places when ground equipment was blown in to 200 number it. A number of other parked aircraft are also reported to have received damage albeit relatively minor.

40

20

20

LAMIA Bolivia 0

NOV. 2015 Hull

NOV. 2016

Liabilities

*Figures shown are provided only as a guide. Not all losses include a reserve estimate and are reflected in the figures. Excludes Hull War hull reserves. Source: JLT.

100


Avro RJ-85 (CP-2933)

Colombia

The aircraft was destroyed after impacting mountainous terrain south of Medellin, 0 0 2015 was carrying FEB.the 2016Brazilian Chapecoense football MAR. 2015 to a match MAR. 2016 Colombia. TheFEB. aircraft team in Medellin. 71 of the 77 people on board perished. Reports suggest the aircraft may Hull of fuel. Liabilities Hull Liabilities have run out

Fly Jamaica Airways


B767-319ER (N767WA)

Jamaica

The parked plane was hit by the wing of a Caribbean Airlines aircraft that had just landed. The Fly Jamaica aircraft sustained substantial damage to its tail cone. The Caribbean aircraft received only minor damage. No injuries were reported.


Loss Summary November recorded fewer losses than in

Of the other incidents in November the

recent months, yet witnessed the largest

majority are only expected to produce

loss of life seen since the Egyptair crash

minor hull claims, however it is too early

earlier in May.

to speculate on values as many of them are yet to have been assessed by the

This was due to a LAMIA Bolivia RJ-85

USD 490.2m

tragically killing 71 of the 77 people

The losses in November have brought

on-board. The aircraft, which was

the combined 2016 Hull and Liability

LIABILITY LOSS ESTIMATE:

transporting the Brazilian Chapecoense

figure to around USD1.03 billion for

football team to a match in Medellin, is

the year to date (including an attritional

reported to have run out of fuel.

estimate). As always not all losses reported include a reserve estimate and

In terms of aviation insurance, the

USD 85.9m NUMBER OF FATALITIES: 241

are yet to be reflected in this figure.

Liability policy is known to have been

400

HULL LOSS ESTIMATE:

relevant loss adjusters.

aircraft which crashed in Colombia

500

YEAR TO DATE AIRLINE LOSS SUMMARY*

placed in the London market. Yet despite

Despite the fact the we have just weeks

the loss involving a large number of

left until year-end it is still unwise to make

fatalities the subsequent liability claim will

any assumptions of what the final claims

be of relatively modest value due to the

position may be. That said, the present 500

policy having a low limit in place. In terms

market position remains better than at

of Hull cover it is unknown where this

this point in recent years.

is placed, however it is believed that it

400

All Known Airline Losses Net of Deductible 2000

1500

200

300

USDm

USDm

300

5 Year Average

1000

200

5 YEAR AIRLINE PREMIUM VS. CLAIMS 500 2000

100

100

Combined Hull & Liability Premium Combined Hull & Liability Claims

0

MAR. 2015

Hull

0

MAR. 2016

1500

Liabilities

Q1 2015

Hull

Q1 2016

0

2013

2014

2015

2016 YTD

Liabilities

USDm

USDm

could be insured in the Russian market.

1000

*Figures shown are provided only as a guide. Not all losses include a reserve estimate and are reflected in the figures. Excludes Hull War hull reserves. Source: JLT.

500

0 2012

2013

2014

2015

2016 YTD

*Figures shown are provided only as a guide. Premium (like for like basis), at Lead terms. Claims figures include an annual attritional estimate and exclude hull reserves for Hull War losses. Based on the latest Information as at 30 Nov. 2016. Source: JLT


Market News SIGNIFICANT RATINGS CHANGES •

•

Axis Capital to acquire Aviabel

Airshow China 2016

Bermudian re/insurer Axis Capital

The 11th China International Aviation and

announced that it has agreed to acquire

Aerospace Exhibition (Airshow China)

Belgium-based aviation re/insurer

took place 1-6 November in Zhuhai,

(S&P) has affirmed the “AA- ” financial

Aviabel.

South China’s Guangdong province and

strength ratings of Tokio Marine

Specific terms of the deal were not

HCC and its core insurance company

disclosed, but Axis said it will maintain

subsidiaries. The outlook for these

Aviabel’s offices in Brussels and

Civil aviation orders totalled 187 aircraft,

ratings is stable.

Amsterdam and retain the Aviabel brand,

of which Commercial Aircraft Corporation

including Dutch brand Nederlandse

of China (COMAC) registered the majority

Ratings agency AM Best has affirmed

Luchtvaartpool.

share with commitments for 96 jets.

the financial strength rating of “A”

Axis Capital said the acquisition of

(Excellent) of Aspen Insurance and

Aviabel would support the expansion of

its subsidiaries. The outlook for these

its global aviation operation.

Ratings agency Standard & Poor’s

ratings is stable. Liberty Mutual to acquire Ironshore •


Liberty Mutual Insurance announced that

the financial strength rating of “A+”

it is to acquire specialty insurer Ironshore

(Superior) of Munich Re and its

in a deal valued at USD3 billion.

subsidiaries. The outlook for the

This consisted of orders for 40 ARJ21700 regional jets for China Aerospace Leasing, 36 of its in-development C919 for CITIC Financial and 20 C919s for SPDB Financial. Rockwell Collins to acquire B/E Aerospace Rockwell Collins and B/E Aerospace announced that they have entered into

a definitive agreement to acquire a

a definitive agreement under which

100% interest in Ironshore from Hong

Rockwell Collins will acquire B/E


Kong-based parent company, Fosun

Aerospace for USD8.3 billion in total


International.

consideration.

Liberty Mutual said the transaction,

The deal is expected to be completed

which is expected to close in the first half

next spring, subject to the relevant

of 2017, would add “scale, expertise,

shareholder and regulatory approvals.

(Excellent) of Barents Re. The rating outlook remains stable.

•

USD40 billion, the organiser said.

Liberty Mutual said today it signed

ratings is stable.

•

recorded a total of 402 deals worth over


innovation and market relationships” to


its USD5 billion global specialty business.

(Excellent) of Mapfre Re and Mapfre Global Risks. The outlook of the

Faraday to write Hull Deductible

ratings remains stable.

business Faraday Underwriting Limited Syndicate 435 announced that they will be offering Hull Deductible Insurance and Reinsurance solutions for aviation clients with immediate effect. Paul Maguire,

A350-1000 takes off on maiden flight Airbus has commenced the flight-test campaign for the A350-1000 with the variant becoming airborne for the first time at Toulouse. The aircraft, powered by Rolls-Royce Trent XWB-97 engines, lifted off at 10:42 local time.

Head of Aviation, will oversee the Hull

Deliveries of the aircraft are scheduled to

Deductible portfolio with support from

begin in the second half of 2017.

other members of the Faraday team.

News continued on page 9 


 News continued from page 8

Etihad to launch new European leisure

European Aviation Network completes

airline group

first flight trials

Etihad announced that its board

The European Aviation Network (EAN)

has approved plans to create a new

has taken to the skies. Inmarsat and

European leisure airline group in a joint

Deutsche Telekom, together with

venture with TUI AG.

their technology partners Nokia and

Headquartered in Vienna with a fleet of around 60 aircraft, the new leisure airline

programme of test flights in the UK. This is a major milestone in the

April 2017. It will serve a broad network

development of EAN, the world’s first

of destinations from Germany, Austria

integrated satellite and air-to-ground

and Switzerland.

network dedicated to providing a true

agreement for Etihad to acquire the 49.8% share indirectly held by Air Berlin in its subsidiary airline NIKI Luftfahrt GmbH, the release added. At closing of the transaction, Etihad will immediately contribute the share in NIKI to the new European leisure airline group and will not effectively control, or

in-flight broadband experience for the

Europe. The flights serve to test the performance of the EAN system including the onboard equipment being provided by Thales and the ground network provided by Deutsche Telekom and Nokia.

contribute its subsidiary TUIfly GmbH to

in September 2015, Deutsche Telekom

the joint venture.

and Nokia have made steady progress

holding a 25% stake. The remaining 50.2% will continue to be held by the existing private foundation NIKI Privatstiftung.

and are on track to deliver the ground component of the project, with the onschedule rollout of the approximately 300 antenna sites and connecting the network live over-the-air. In parallel, Inmarsat and Thales are advancing with implementing the satellite communication

The transaction is subject to approvals

for EAN, having completed construction

by aviation regulatory bodies and anti-

and associated sub-system tests of the

trust authorities.

satellite earlier this year. With the test flight program now underway, the EAN

IFC to acquire Red Wings Airlines Russian lessor Ilyushin Finance Company (IFC) announced that it will acquire 100% of the shares of Red Wings Airlines. The company will buy the airline’s assets from its current owner Sky Invest before the end of the year. The deal will be subject to the relevant regulatory approvals.

underwriter, effective immediately.

•

Stephen Jedburgh and Simon Hennessey have left their respective positions at Antares.

•

Martin Rossiter has left his position as Head of Global Aviation at Generali.

millions of passengers travelling across

Since the initial announcement of EAN

the joint venture company, with Etihad

Chubb Global Markets has appointed Richard Bayman as deputy aviation

European aviation industry and for

become a majority owner of NIKI. TUI will

TUI AG will hold 24.8% of shares in

•

Thales have successfully conducted a

group is scheduled to begin operations in

The planned transaction includes an

AVIATION ARRIVALS & DEPARTURES

introduction is planned for mid-2017.

•

Dan Rose has left his position in the aviation underwriting team at Faraday.


JLT Specialty’s Aerospace practice is one of the world’s leading insurance and risk management service providers. We have developed an unparalleled reputation and enviable respect throughout this challenging, highly specialist market. Noted for our client-focused service, innovation, negotiating skills and integrity we possess the market presence and momentum to help us deliver the very best results for our clients.

CONTACTS SUBSCRIPTIONS & GENERAL QUERIES [email protected] EDITORIAL TEAM Richard Adams Aerospace, JLT Specialty Limited +44 (0) 207 466 5220 [email protected] Brad Hills Aerospace, JLT Specialty Limited +44 (0) 207 466 1434 [email protected] BUSINESS CONTACTS Nigel Weyman Aerospace, JLT Specialty Limited +44 (0) 207 466 1448 [email protected] William Smith Aerospace, JLT Specialty Limited +44 (0) 207 466 6654 [email protected]

JLT Specialty Limited The St Botolph Building 138 Houndsditch London EC3A 7AW www.jltspecialty.com Lloyd’s Broker. Authorised and regulated by the Financial Conduct Authority. A member of the Jardine Lloyd Thompson Group. Registered Office: The St Botolph Building, 138 Houndsditch, London EC3A 7AW. Registered in England No. 01536540. VAT No. 244 2321 96. © November 2016

LET US KNOW WHAT YOU THINK JLT is always looking to improve the services and information we provide to our readers. We value your opinion and welcome your feedback on our Plane Talking publication. Should you have any feedback please contact us at: [email protected]

This publication is compiled and published for

neither Aerospace nor any other company within

the benefit of certain clients for whom companies

the Jardine Lloyd Thompson Group accepts

within the Jardine Lloyd Thompson Group act as

responsibility for any error, omission or deficiency

agent or consultant. It is intended only to highlight

in its content. If you intend to take any action or

general issues relating to the subject matter which

make any decision on the basis of the content

may be of interest and does not necessarily deal

of this publication, you should first seek specific

with every important topic nor cover every aspect

professional advice.

of the topics with which it deals. It is not designed to provide specific advice on the subject matter.

This document is protected by copyright law. Unauthorised reproduction, copying and

Views and opinions expressed in this publication

distribution of this document or any part of it may

are those of Aerospace unless otherwise stated.

result in civil and criminal penalties and will be

Whilst every effort has been made to ensure

prosecuted to the maximum extent permitted

the accuracy of the content of this publication,

under law.