ONE of the world's largest insurers is throwing its weight behind a bid for Southend Airport, which could cost in the region of £100million.

Insurance giant AIG has formed a consortium with London City Airport to give it the financial muscle to buy the site and set up new road and rail links.

The consortium plans to invest in a terminal and runway facilities, as well as the long-awaited airport rail station.

A development plan also includes scheduled passenger and freight services and an expansion of corporate flights. It will be run on the same lines as London City Airport.

City Airport spokeswoman Rupa Haria said: "The consortium's intention will be to replicate the success of the London City Airport model at Southend."

The consortium will make the most of technical expertise of a range of partners.

As well as AIG, these include Global Infrastructure Partners, merchant banking advisers Greenhill and developer the Colonnade Group. It also includes John Laing Projects, which deals with transport infrastructure.

Mrs Haria said the consortium aimed to provide jobs and attract new investment to the local economy.

She could not confirm what new road links were planned.

Anna Waite, councillor responsible for planning and transportation, said the only new road she could imagine was an access road on the periphery of the airport off Aviation Way to provide better security.

She added: "I would imagine they are more thinking about improving existing roads, like improving Eastwoodbury Road."

Alastair Welch, managing director at Southend airport, declined to talk about specific bids as the airport was up for sale and currently had seven shortlisted offers.

But he said: "We said in January when we started the sale process that we expected it to be concluded in June and we are on target to complete the process as planned. We have seven very strong candidates in our shortlist at the present time."