Aerospace
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The judge said the lessors “are very unlikely to obtain a fair trial in Russia”
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Mike Smith will step down from his role on 31 March.
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Plus all the latest executive moves and the top news of the week.
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Rate increases have accelerated further after major losses in 2023.
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There remain 22 defendants still challenging the venue for claims hearings.
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The talks must be completed by 28 June to avoid a trial.
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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.
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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.
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AIG leads the placement, WTW is the lead broker, with Marsh support, on the JAL account.
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The lessor said the amount of its all-risk claim relating to the 47 engines and five aircraft is around $836mn.
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The executive has more than 25 years’ experience in the industry.
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The lessor is still pursuing a variety of claims for other trapped planes.
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Thursday’s announcement means that the Russian insurer is off the hook for claims proceedings.
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The carrier is targeting the line of business as part of a wider strategic push in international insurance.
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Aircraft lessors have now received nearly $2.4bn in insurance settlements from Russian airlines.
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The executive joined the group five years ago.
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The incoming aviation specialist was previously head of aviation at LSM.
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Sompo has begun writing aviation war for the first time, while Apollo has picked its pen back up after a pause.
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The broker said reinsurance capacity has contracted over the past 18 months, and the once-diamond-hard aviation war market has started to soften.
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Chubb declared at the last minute that it would not contest the English court’s jurisdiction, in contrast to every other reinsurer being sued by aircraft lessors.
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Rates are said to be doubling across the board as losses for 2023 top $1bn, resulting in a loss ratio of around 150%.
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The lessor said the payment was in relation to eight aircraft formerly leased to Pobeda Airlines, the low-cost subsidiary of Aeroflot.
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The carrier previously led a space consortium for 25 years and co-launched a Lloyd’s-backed space consortium with Hiscox MGA in 2019.
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The carrier said the decision was the culmination of a “series of strategic portfolio adjustments”.
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