Aerospace

The lawsuit argues that one engine that was leased out in Ukraine and 16 engines that were leased out in Russia have suffered physical loss or damages.

Insurance Insider previously reported that the Irish lessor was holding talks with Aeroflot Group.

The carrier set out a string of defences in the $3.5bn suit.

After this publication reported The Hartford’s exit from AVN52B, the carrier’s Lloyd’s business has now confirmed its exit from the entire aviation war class.

The claim, worth $43.8mn, takes the total amount claimed in the courts by Carlyle Aviation Partners to upwards of $832mn.

Two of the most-exposed segments to the war have experienced very different years, with sweeping PV changes contrasting to more stable conditions in parts of the aviation sector.

Talks relate to a deal that would see Aeroflot take ownership of the AerCap planes.

It’s understood that Inigo pulled out of the class due to rising reinsurance costs, while The Hartford has exited following the departure of its head of PV and terrorism, Grant Witheat.

Falcon 2019-1 Aircraft 3, an entity managed by Dubai Aerospace Enterprise, is suing its contingent war insurers for $43.4mn but, if that fails, is also suing its all-risk insurers for the same amount.

Steve Eccles joined AIG in April 2020 from Argo, where he was active underwriter of Syndicate 1200.

The lessor is looking to recoup the value of a B777-300ER aircraft, which is still in Russia.

DAE is arguing that, if its battle against its war insurers should fail, then it has grounds to push for a total loss under the terms of its all-risk policy.