Aerospace
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The lessor is looking to recoup $750mn from its war insurers or over $875mn from its all-risk insurers, in the event that its war claim fails. -
In its annual report published earlier this year, BOC revealed it was pursuing a claim for aircraft worth $589mn stranded in Russia.
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The amount Aircastle is looking for in the suit is, however, lower than the $350mn insurance claim that for equipment stranded in Russia.
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Plus the latest executive moves and all the top stories of the week.
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The aviation market took what is believed to be its largest-ever loss recently and court actions over Ukraine claims are ongoing, all contributing to a hard war market as all-risk renewals remain softer.
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Mark Costin is the fourth senior partner to leave Piiq since July.
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With aircraft valued between $25bn and $30bn stranded in Russia, aviation claims are being hotly contested.
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Court documents also revealed that 101 of AerCap’s 116 planes in Russia have been re-registered.
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The case comes six months after DAE announced it had filed a $1bn insurance claim for 19 aircraft stranded in Russia.
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The market is waiting to see if the loss deterioration changes soft dynamics that were developing in the key Q4 all risks renewals.
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Terry Rolfe joins from Epic Insurance Brokers & Consultants, where she served as aviation practice leader.
