United States Aircraft Insurance Group - USAIG

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.

Investopedia explains '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.



comments powered by Disqus
Hot Definitions
  1. Effective Annual Interest Rate

    An investment's annual rate of interest when compounding occurs more often than once a year. Calculated as the following:
  2. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option is purchased and the lower premium option is sold - both at the same time. The higher the debit spread, the greater the initial cash outflow the investor will incur on the transaction.
  3. Odious Debt

    Money borrowed by one country from another country and then misappropriated by national rulers. A nation's debt becomes odious debt when government leaders use borrowed funds in ways that don't benefit or even oppress citizens. Some legal scholars argue that successor governments should not be held accountable for odious debt incurred by earlier regimes, but there is no consensus on how odious debt should actually be treated.
  4. Takeover

    A corporate action where an acquiring company makes a bid for an acquiree. If the target company is publicly traded, the acquiring company will make an offer for the outstanding shares.
  5. Harvest Strategy

    A strategy in which investment in a particular line of business is reduced or eliminated because the revenue brought in by additional investment would not warrant the expense. A harvest strategy is employed when a line of business is considered to be a cash cow, meaning that the brand is mature and is unlikely to grow if more investment is added.
  6. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will be executed at a specified price (or better) after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy (or sell) at the limit price or better.
Trading Center