Aerospace

Mike Smith will step down from his role on 31 March.

Plus all the latest executive moves and the top news of the week.

Rate increases have accelerated further after major losses in 2023.

There remain 22 defendants still challenging the venue for claims hearings.

The talks must be completed by 28 June to avoid a trial.

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.

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.

AIG leads the placement, WTW is the lead broker, with Marsh support, on the JAL account.

The lessor said the amount of its all-risk claim relating to the 47 engines and five aircraft is around $836mn.

The executive has more than 25 years’ experience in the industry.

The lessor is still pursuing a variety of claims for other trapped planes.

Thursday’s announcement means that the Russian insurer is off the hook for claims proceedings.