Aerospace
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Starr Insurance Companies will issue the insurance policy to protect against the non-payment risk typically held by financiers. -
The carrier argued that, because the sum it was being sued for was significant – $95mn in the all-risk case and $240mn in the war risk case – it should be allowed to represent itself.
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Aviation insurers are still facing uncertainty moving into 2023, with a slew of legal cases, and large losses from the previous quarters looming above them.
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Russell Mason was most recently divisional director of aerospace at Ed Broking but also held key roles at firms such as Tysers, Catlin Underwriting and Antares.
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The High Court documents detail the insurers’ defences relating to contingent all-risk and contingent war coverages.
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Chris Collins will report into Simon Abbott in his new role, and will help the carrier expand its airline portfolio.
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The lead claimant on the case, Merx Aviation, has named Chubb as the first defendant.
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Mark Noble’s appointment comes two months after he left Liberty Specialty Markets alongside aviation war underwriting manager Mike Hart.
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Earlier in the year, SMBC reported a $1.6bn write-off for planes stranded in Russia.
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The action is being taken by a securitisation entity managed and serviced by Dubai Aerospace Enterprise.
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A steady stream of legal actions are being filed against insurers over billions of dollars’ worth of stranded aircraft.
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The lessor is looking to recoup $750mn from its war insurers or over $875mn from its all-risk insurers, in the event that its war claim fails.
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