XL Capital is believed to be the lead insurer for the hull and liability coverage for a cargo jet which crashed on Thursday in Canada, killing its crew of seven, Business Insurance magazine reported on its website on Saturday.

The MK Airlines Ltd. Boeing 747 crashed shortly after it took off from Halifax International Airport in Nova Scotia. The plane was en route to Spain with a cargo of lobsters and tractors. Steve Anderson, risk and legal manager at Hartfield, England-based MK Airlines, confirmed the company has insurance led by a Lloyd?s underwriter and supported by London and international company markets, though he declined to comment further. Business Insurance said sources said London-based insurer XL London Market Ltd. led the hull and liability coverage for the plane. The coverage valued the hull at $42 million and included protection against cargo and third-party liability losses.