Aerospace
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The market remains “delicately balanced” amid global conflicts and claims deterioration.
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The judge said the lessors “are very unlikely to obtain a fair trial in Russia”.
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Mike Smith will step down from his role on 31 March.
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Plus all the latest executive moves and the top news of the week.
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Rate increases have accelerated further after major losses in 2023.
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There remain 22 defendants still challenging the venue for claims hearings.
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The talks must be completed by 28 June to avoid a trial.
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The 737 Max fleet was previously grounded in 2019 following the fatal crashes of Lion Air Flight 610 and Ethiopian Airlines Flight 302, when Boeing had a $500mn sub-limit on such claims.
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In its Plane Talking report, the broker notes a “distinct differentiation” between the hull and liability and the hull war/third-party liability markets in 2023.
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AIG leads the placement, WTW is the lead broker, with Marsh support, on the JAL account.
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The lessor said the amount of its all-risk claim relating to the 47 engines and five aircraft is around $836mn.
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The executive has more than 25 years’ experience in the industry.
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