A unit of Ace Ltd. is thought to have led the insurance cover for Spanair, the airline whose plane crashed in Madrid yesterday, according to market sources.

The website of trade publication Business Insurance reported yesterday afternoon that the Ace unit led the coverage for a group of airlines, including Spanair's parent company Scandinavian Airlines System AB.

Reports from Spain yesterday said that 153 passengers died in the crash, which happened after a plane due to fly to the Canary Islands crashed and broke into pieces. Spanish authorities said there were 19 survivors. The McDonnell Douglas MD-82 jet veered off a runway during take-off after apparent engine trouble.

An Ace spokesman said yesterday that it was company policy not to comment on claims.

Spanair is covered under the hull and liability programme written for the SAFIT Group, sources told Business Insurance. Besides SAS, the group includes Austrian Airlines, Finnair, Icelandair and TAP Portugal.

Brokers Aon Ltd. in London placed the coverage. The hull of the 15-year-old jet was valued at $9 million, a source said. SAFIT renews its coverage on December 1, sources said.

The crash was Spain's most deadly air disaster in more than 20 years.