Russia-Ukraine

AerCap deal creates settlement framework that shrinks $10bn+ disputed Russian lessor claims

Aviation (re)insurers and executives attending the Monte Carlo Rendez-Vous have welcomed last week’s landmark AerCap deal as heralding a framework that could see the industry’s overall loss shrivel from $10bn+ to $2bn-$2.5bn via commercial settlements rather than litigation.

Global aviation lessor disputes drop below $10bn following AerCap settlement

A landmark settlement reached by the world’s largest aircraft lessor AerCap has seen the collective value of legal cases launched in the UK, Ireland and US by aircraft leasing firms against insurers over the loss of hundreds of planes stuck in Russia since its invasion of Ukraine fall to $9.7bn, analysis by The Insurer shows.

A war-risk pool for Ukraine’s reconstruction: What Marsh McLennan proposed and why

Enabling Ukraine’s recovery and reconstruction will require ambition and innovation from industry and governments alike. Julian Enoizi, Guy Carpenter’s CEO of Europe, and Andrew Bailey, of Oliver Wyman’s public sector team, explain how Marsh McLennan is bringing to bear the power of the whole firm in support of Ukraine.

AerCap agrees $645mn settlement over Aeroflot jets stranded in Russia

AerCap, the world's largest aircraft lessor, has agreed to settle an insurance claim over Russia's refusal to return 17 jets leased to airline Aeroflot in a move that will see its $3.5bn London legal claim against insurers reduced by almost a quarter.

Reinsurance uncertainty as UK Covid BI disputes continue: BCLP’s Sacher

Bryan Cave Leighton Paisner’s Jonathan Sacher says reinsurers continue to face uncertainty over their ultimate exposure to Covid-19-related business interruption losses, adding that the sector’s preference for arbitration has prevented important legal precedent from being passed down to the market.

Aircraft lessors launch 25 new claims against insurers in London

Aircraft lessors – including subsidiaries of the Middle East’s largest aircraft leasing firm Dubai Aerospace Enterprise – launched a fresh barrage of claims against insurers in London late last week in the latest wave of legal action related to planes trapped as a result of the Russia-Ukraine war.

Allianz and Lancs units sued for $325mn in latest lessor dispute

Voyager Aviation and its Dublin-based subsidiaries have sued units of Allianz and Lancashire, demanding they pay out $325mn to cover the loss of two planes detained in Russia since the country's invasion of Ukraine, taking the tally for claims filed against insurers in the UK to more than $8.0bn.

Insurwave’s Costin: Deteriorating Black Sea situation to hinder war insurance procurement

The deteriorating situation in the Black Sea will impact the availability of war insurance with a reduced number of insurers expected to continue providing cover, according to Insurwave’s Mark Costin.

Aircraft lessors push for June 2024 trial in Irish insurance claims

Some of the world's largest aircraft lessors – including SMBC, Avolon and BOC Aviation – have told Ireland’s High Court they will be ready to go to trial with their insurers in June 2024 over contested claims for aircraft stuck in Russia.

Global aviation lessor disputes exceed $10bn as London tally tops $7.7bn

Legal cases launched in the UK, Ireland and US by aircraft leasing firms against insurers over the loss of hundreds of planes stuck in Russia since its invasion of Ukraine now total more than $10bn, analysis by The Insurer shows.

Russian aviation lessor disputes now exceed $10bn as Aircastle files $102.4mn claim

Aircraft lessor Aircastle has sued its insurers demanding they pay out $102.4mn across two separate claims to cover the loss of planes detained in Russia since the country's invasion of Ukraine, taking the global tally for claims filed against insurers to more than $10bn.

Aircastle seeks $89mn+ from Convex and Lancashire in latest suit over Russia jets

Aircraft lessor Aircastle has sued units of Convex and Lancashire demanding they pay out $89.8mn to cover the loss of three Bermuda-registered planes detained in Russia since the country's invasion of Ukraine, taking the global tally for claims filed against insurers to $9.9bn.

Russian av lease insurers criticised in London court for “inconsistent” stance as overall claims near $10bn

Some of the world’s largest aviation lessors have accused insurers of seeking to “have their cake and eat it” in the ongoing coverage disputes over aircraft stranded in Russia.

Ascot pauses Ukraine grain facility after Russia exits grain export deal: Reports

Lloyd’s insurer Ascot has paused quoting cover for its all-risks marine cargo and war facility after Russia pulled out of the Black Sea grain export agreement earlier this week, according to reports.

UK aircraft lessor lawsuits at $7.5bn as global tally tops $9.8bn

Legal cases launched in the UK by aircraft leasing firms against insurers over the loss of hundreds of planes stuck in Russia since its invasion of Ukraine now total more than $7.5bn, analysis by The Insurer shows.

Russia pulls out of critical Black Sea grain treaty

Russia has pulled out of the crucial treaty that has allowed Ukraine to export grain through the Black Sea over the past year.

Aircastle units seek $107mn from AGCS and Lancashire over Russia jets

Several Dublin-based subsidiaries of US aircraft lessor Aircastle have sued units of Allianz and Lancashire demanding they pay out $107mn to cover the loss of planes detained in Russia since the country's invasion of Ukraine.

CyberCube: Nation-state activity will “push the boundary” of war exclusions

The closing quarter of 2022 saw a resurgence in data-wiping malware attacks by Russian-affiliated actors, with CyberCube’s cyber threat intelligence principal William Altman predicting this trend will continue in the coming months.

Lessor Deep Sky sues insurers for $688.6mn over stranded jets in Russia

The Dublin-based subsidiaries of aircraft lessor Deep Sky Leasing have sued 11 (re)insurers including Fidelis Underwriting, Global Aerospace and AGCS for more than $688mn to cover the loss of jets detained in Russia following the war in Ukraine.

Fidelis’ share of $500mn aviation war market climbs to ~25%

Fidelis Insurance Holdings is estimated to now write up to a quarter of the entire aviation war market after a strategic call to expand aggressively into the post-Russia-Ukraine hard market.

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