Aerospace
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Sompo has begun writing aviation war for the first time, while Apollo has picked its pen back up after a pause. -
The broker said reinsurance capacity has contracted over the past 18 months, and the once-diamond-hard aviation war market has started to soften.
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Chubb declared at the last minute that it would not contest the English court’s jurisdiction, in contrast to every other reinsurer being sued by aircraft lessors.
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Rates are said to be doubling across the board as losses for 2023 top $1bn, resulting in a loss ratio of around 150%.
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The lessor said the payment was in relation to eight aircraft formerly leased to Pobeda Airlines, the low-cost subsidiary of Aeroflot.
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The carrier previously led a space consortium for 25 years and co-launched a Lloyd’s-backed space consortium with Hiscox MGA in 2019.
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The carrier said the decision was the culmination of a “series of strategic portfolio adjustments”.
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Celestial Aviation Services received $501.5mn relating to 14 aircraft that were stranded in Russia as a result of the ongoing conflict with Ukraine.
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The China Development Bank-owned lessor received $195mn for four aircraft leased by Aeroflot.
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The move follows another incredibly soft year for the all-risk market as aviation war continues to harden.
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The MGA will be Fidelis MGU subsidiary Pine Walk’s eighth launch.
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Leahy joins the carrier after just over a year at TMK as divisional head of airline.
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