Taiwanese airline TransAsia has announced it is shutting down following financial losses and two fatal crashes.

TransAsia chairman Vincent Lin said Tuesday the airline, which served cities in China, Japan and Southeast Asia, was unable to reverse widening losses or raise additional money.

TransAsia was established in 1951 as Taiwan's first privately owned airline.

The carrier suffered two fatal crashes in 2014 and early 2015, both in Taiwan, that killed a total of 92 people.