The Magnes Group, Inc., a Toronto-based insurance broker and Assurex Global Partner, is one of the largest independent professional risk and insurance advisor to the Canadian aviation industry. With that title, Magnes holds many long-lasting, valuable relationships with its clients, including Flightexec, a firm that manages a fleet of jets in Canada.
Based in Ontario, Flightexec serves a wide variety of industries with private travel solutions for both companies and high net worth individuals. Recently, the company was preparing to lease a U.S.-registered jet to an operator in Nigeria, which included a contract with a condition that Flightexec maintain control of the insurance.
With the longstanding Magnes relationship in place, Flightexec turned to the firm’s aviation risk experts for help.
“This was something I’ve never had to do — a placement for a Canadian customer with a U.S. registration in Nigeria,” said Belinda Bryce, Magnes aviation partner. “It was very foreign to me.”
After a few weeks of going through traditional channels, no progress was made, and Bryce began to think the placement could not work.
“It led me to think that this was impossible, that nobody could do this,” Bryce said.
But Magnes President and CEO Andy Sloan had established a connection with Dennis Gamsy, principal of South Africa-based GIB Insurance Brokers (Pyt) Ltd., at an international Assurex Global conference. With that valuable introduction, Bryce was able to connect with Richard Turner, CEO of GIB Aviation.
Now working with a local broker and local carriers on the ground who had hands on knowledge and of pricing and regulations in the region, Magnes was able to provide a direct referral for Flightexec to meet its insurance needs across borders and overseas.
“It’s more than just having an international scope, it’s about having people on the ground in that region that understand how to do business there,” Bryce said.
Magnes was able to expand its reach and provide an international scope to an existing customer who is often solicited by the likes of several others brokers. Without the strength of the Assurex Global Partnership, the placement would not have been possible.
In the future, Magnes anticipates more opportunities with the Nigerian operator, which plans to expand its fleet of jets for executive travel, primarily between Africa and the U.S.