Dec 14 (Reuters) – Plane leasing companies are suing dozens of insurers for round $8 billion in a string of lawsuits over the lack of lots of of plane caught in Russia since Moscow’s invasion of Ukraine.
Greater than 400 leased planes price round $10 billion are unable to go away Russia after European Union sanctions pressured the termination of their leases.
Lessors argue the plane are coated by insurance policies in opposition to warfare or theft, however insurers level out the planes are undamaged and would possibly but be returned.
Here’s a checklist of claims filed in opposition to insurers in London, Dublin and the US, with the latest submitting listed first.
NORDIC AVIATION CAPITAL VS LLOYD’S, GLOBAL AEROSPACE
A subsidiary of Nordic Aviation Capital on Dec. 9 filed a case within the Irish Excessive Courtroom in opposition to Lloyd’s of London and International Aerospace Underwriting Managers (Europe).
BOC AVIATION VS 17 INSURERS
BOC (2588.HK) filed motion within the Irish Excessive Courtroom in opposition to a subsidiary of China’s Ping on Dec 9.
This follows authorized motion by BOC in opposition to 16 insurers, in accordance with an Irish Excessive Courtroom submitting on Nov 3. Singapore-based BOC recognised an $804 million asset write-down in August regarding the 17 plane it owns that stay in Russia, saying it was unlikely to have the ability to recuperate the jets “within the foreseeable future, if ever”.
AVOLON VS 16 INSURERS
Avolon filed a case in opposition to China’s PICC Property & Casualty within the Irish Excessive Courtroom on Dec. 9.
This follows authorized motion in opposition to 15 insurers within the Irish Excessive court docket, a submitting confirmed on Nov. 3, after the plane lessor recorded a first-quarter impairment of $304 million to cowl the monetary impression of getting 10 jets caught in Russia.
SMBC AVIATION CAPITAL VS LLOYD’S OF LONDON
SMBC filed a declare in opposition to Lloyd’s of London (SOLYD.UL) within the Irish Excessive Courtroom on Nov 28.
Irish-headquartered SMBC, owned by a consortium together with Japan’s Sumitomo Corp (8053.T) and Sumitomo Mitsui Monetary Group (8316.T), recorded an impairment of $1.6 billion earlier this 12 months to cowl the complete monetary impression of getting 34 jets caught in Russia.
CDB AVIATION VS 18 INSURERS
Irish-based lessor CDB Aviation, owned by the China Improvement Financial institution, filed a declare within the Irish Excessive Courtroom in opposition to 18 insurers on Nov. 15 over jets caught in Russia. CDB Aviation recognised a 747 million yuan ($105 million) asset write-down in August however mentioned this was not the complete worth of the jets.
AIRCASTLE VS 30 INSURERS
Aircastle filed a declare in opposition to greater than 30 insurers with the Supreme Courtroom of the State of New York in late October over 9 plane and different gear stranded in Russia. Aircastle mentioned earlier this 12 months it had booked $252 million in impairment losses for the jets.
CARLYLE VS 30 INSURERS
Carlyle Aviation Companions filed a $700 million declare in Miami-Dade County, Florida, in opposition to greater than 30 insurers that didn’t pay out over 23 plane caught in Russia, it mentioned in late October.
DUBAI AEROSPACE VS 11 INSURERS
Dubai Aerospace Enterprise filed a London lawsuit in opposition to 11 insurers, together with Lloyd’s of London, AIG , Chubb (CB.BN) and Swiss Re (SRENH.S) in October, two months after it wrote off nearly $600 million for 19 plane caught in Russia.
AVIATOR CAPITAL VS 15 INSURERS
Aviator Capital introduced a $147 million declare in opposition to Chubb, Hive Underwriters, HDI International and a dozen Lloyd’s of London syndicates in a Florida court docket in August for failing to pay out on claims for 4 industrial plane and three engines leased to Russian airways.
AERCAP VS AIG, LLOYD’S OF LONDON
Aercap filed a $3.5 billion London lawsuit in opposition to AIG and Lloyd’s in June over 141 plane and 29 plane engines owned by Aercap and on lease to Russian airways.
($1 = 7.1028 Chinese language yuan renminbi)
Compiled by Conor Humphries in Dublin, Carolyn Cohn and Kirstin Ridley in London and Jonathan Stempel in New York
Enhancing by Mark Potter and Matthew Lewis
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