Aerospace

The worst-case scenario of a $12bn-$15bn claim looks to have been taken out, but there are lots of complex, vexed negotiations still to come.

Danny Hubbard and Richard Stockley both have decades of insurance market experience under their belts and have been named as divisional director and associate director, respectively.

The landmark settlement was approved by the US Department of Commerce and the US Department of the Treasury and was not in breach of any sanction regimes, AerCap said.

The news comes two months after this publication revealed that UIB was exploring the acquisition of the Lima-based aviation-focused reinsurance intermediary.

Harker was previously global chairman and CEO of Marsh Aviation.

Recent filings show that 25 new cases regarding Ukraine aviation losses from plane lessors have been lodged against insurers in the UK High Court.

David Langran joins from Inigo, where he served as head of aviation war since April 2022.

Mark Sperring’s promotion comes just a few months after AIG’s former head of global aerospace, Steve Eccles, left the carrier.

Some insurers argued that there is valid coverage under the airline operators’ policies, in line with the lessors, while other insurers argued the contrary.

Insurers argue that, because the contracts were signed in Russia, the reinsurance claims should be heard in Moscow.

The aviation war segment is also proving ‘treacherous’ to buyers, according to the latest Plane Talking report.

As part of the deal, 12 Piiq employees will join Gallagher bringing with them a handful of US-focused clients.