DEFINITION of 'United States Aircraft Insurance Group - USAIG'
The nation's first aviation insurance company, founded in 1928 by World War I flying ace Reed McKinley Chambers and pilot David C. Beebe. The United States Aircraft Insurance Group was founded when Chambers realized a need for aviation insurance after the airline company that he had formed - Florida Airways - faced bankruptcy when four airplanes were lost to storms and one accident in 1926. Florida Airways had earned the first private air mail contract awarded by the United States government.
BREAKING DOWN 'United States Aircraft Insurance Group - USAIG'
On July 1, 2003, USAIG celebrated its 75th anniversary. The insurance company is credited with furthering aviation by insuring historic events such as the first B-52 bomber flight, the Boeing 707 prototype, the 1969 lunar module flight, the Boeing 747's first commercial flight, and the development and testing of General Dynamics' F-111A fighter jet. In 1968, USAIG's founder Reed Chambers broke the sound barrier while flying in a Convair F-106 Delta Dart. USAIG also is active in promoting safety in flying, and publishes a series of Safety First posters several times each year.