Aerospace

The aircraft lessor has outlined its response in a $750mn lawsuit against its contingent war insurers.

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.

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.

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.

The High Court documents detail the insurers’ defences relating to contingent all-risk and contingent war coverages.

Chris Collins will report into Simon Abbott in his new role, and will help the carrier expand its airline portfolio.

The lead claimant on the case, Merx Aviation, has named Chubb as the first defendant.

Mark Noble’s appointment comes two months after he left Liberty Specialty Markets alongside aviation war underwriting manager Mike Hart.

Earlier in the year, SMBC reported a $1.6bn write-off for planes stranded in Russia.

The action is being taken by a securitisation entity managed and serviced by Dubai Aerospace Enterprise.

A steady stream of legal actions are being filed against insurers over billions of dollars’ worth of stranded aircraft.