Aerospace
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The market remains “delicately balanced” amid global conflicts and claims deterioration.
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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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Celestial Aviation Services received $501.5mn relating to 14 aircraft that were stranded in Russia as a result of the ongoing conflict with Ukraine.
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The China Development Bank-owned lessor received $195mn for four aircraft leased by Aeroflot.
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The move follows another incredibly soft year for the all-risk market as aviation war continues to harden.
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The MGA will be Fidelis MGU subsidiary Pine Walk’s eighth launch.
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Leahy joins the carrier after just over a year at TMK as divisional head of airline.
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Looking to the key Q4 renewal period, Gallagher said there is “little to suggest a drastic shift in conditions”.
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Rate changes across the aviation all-risk and war markets remain wildly divergent during the key Q4 renewal period, sources told this publication.
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The capacity, provided by Allianz, will allow Hive to deepen its exposure in the class.
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Avenue Capital-backed Greylag claimed that insurers denied coverage of the two lost aircraft, which have a value of nearly $110mn and $120mn, respectively.
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The lessor will continue to pursue its litigation in the Irish courts under its own insurance policies.
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The A-rated capacity is designed to support the AAM market and is ready for submissions.
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The news comes a few weeks after this publication revealed that UIB was in advanced discussions to take over local broker South Re.
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Several London insurers, including Tokio Marine Kiln, Axa XL, Munich Re, Starr International and Chaucer, are named in the new case.
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The worst-case scenario of a $12bn-$15bn claim looks to have been taken out, but there are lots of complex, vexed negotiations still to come.
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Danny Hubbard and Richard Stockley both have decades of insurance market experience under their belts and have been named as divisional director and associate director, respectively.
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The landmark settlement was approved by the US Department of Commerce and the US Department of the Treasury and was not in breach of any sanction regimes, AerCap said.
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The news comes two months after this publication revealed that UIB was exploring the acquisition of the Lima-based aviation-focused reinsurance intermediary.
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Harker was previously global chairman and CEO of Marsh Aviation.
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Recent filings show that 25 new cases regarding Ukraine aviation losses from plane lessors have been lodged against insurers in the UK High Court.
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David Langran joins from Inigo, where he served as head of aviation war since April 2022.
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Mark Sperring’s promotion comes just a few months after AIG’s former head of global aerospace, Steve Eccles, left the carrier.
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Some insurers argued that there is valid coverage under the airline operators’ policies, in line with the lessors, while other insurers argued the contrary.
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Insurers argue that, because the contracts were signed in Russia, the reinsurance claims should be heard in Moscow.
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The aviation war segment is also proving ‘treacherous’ to buyers, according to the latest Plane Talking report.
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As part of the deal, 12 Piiq employees will join Gallagher bringing with them a handful of US-focused clients.
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The increase takes the carrier’s total reserves for the conflict to $145.6mn.
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Tokio Marine has told cedants that it will discontinue its aviation retro book as the effects of the mammoth Boeing loss continue to ripple through the market, this publication can reveal.
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The aviation programme manager will exclusively use SiriusPoint’s paper across the US.
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The Singapore aviation hub is part of a strategic regional focus for the aviation team from Chubb Global Markets.
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At first, Canopius will write non-proportional aviation reinsurance with an aim to quickly establish itself as a lead market.
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Adam Spicer’s appointment comes after several high-level departures from the carrier.
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The three lawsuits take the total number of cases filed against insurers from Carlyle in the UK High Court to seven.
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Montgomery Aviation and Rise Aviation Limited, along with EOS Aviation, have launched fresh legal battles against Convex and Lancashire.
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Lawsuits from lessors KDAC and Merx will be included in the ‘mega trial’ to be heard next year.
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Rise Aviation has named the two insurers as the representatives for its all-risk and hull-war reinsurance policies, respectively.
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Lessor WWTAI is also pursuing the claim via clause AVN67B, naming the Russian insurers of the airlines in possession of its aircraft.
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The two have been at Gallagher since 2019, when the firm clinched the acquisition of JLT Aerospace.
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The lessor was awarded $355.4mn for the total loss of two aircraft and more than $55mn for costs relating to the recovery of another plane and its engines.
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The carrier cited a “huge” spread of possible outcomes from various lawsuits relating to aviation claims from the conflict.
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Fighting between Sudan’s army and the RSF have resulted in the total loss of three planes, with nine others still on the ground at Khartoum Airport.
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The aircraft lessor has already launched several legal actions relating to aircraft stranded in Ukraine.
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The broker’s Plane Talking report highlighted the excess hull war and liability market as a key area of hardening within the aviation market, as capacity has been restricted and reinsurers take harder lines.
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Hampden wrote that the syndicate may be leaving the 2021 year of account open “depending on developments over the next 12 months”.
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The Lloyd’s syndicates named in the trial include Tokio Marine Kiln’s Syndicate 510 and Syndicate 1880, Liberty Managing Agency, MS Amlin and Munich Re.
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The business has hired former AGCS aviation underwriter Alistair Blundy as CEO.
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Insurers have been flooded with litigation relating to aircraft stranded in Ukraine.
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Insurers including AIG, Fidelis, Swiss Re and Chubb along with several lessors were in favour of merging the aviation war cases, while lessor AerCap wanted a separate, standalone trial for its lawsuit.
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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.
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Insurance Insider previously reported that the Irish lessor was holding talks with Aeroflot Group.
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The carrier set out a string of defences in the $3.5bn suit.
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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.
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The claim, worth $43.8mn, takes the total amount claimed in the courts by Carlyle Aviation Partners to upwards of $832mn.
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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.
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Talks relate to a deal that would see Aeroflot take ownership of the AerCap planes.
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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.
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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.
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Steve Eccles joined AIG in April 2020 from Argo, where he was active underwriter of Syndicate 1200.
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The lessor is looking to recoup the value of a B777-300ER aircraft, which is still in Russia.
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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.
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The aircraft lessor has outlined its response in a $750mn lawsuit against its contingent war insurers.
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Starr Insurance Companies will issue the insurance policy to protect against the non-payment risk typically held by financiers.
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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.
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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.
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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.
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The High Court documents detail the insurers’ defences relating to contingent all-risk and contingent war coverages.
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Chris Collins will report into Simon Abbott in his new role, and will help the carrier expand its airline portfolio.
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The lead claimant on the case, Merx Aviation, has named Chubb as the first defendant.
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Mark Noble’s appointment comes two months after he left Liberty Specialty Markets alongside aviation war underwriting manager Mike Hart.
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Earlier in the year, SMBC reported a $1.6bn write-off for planes stranded in Russia.
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The action is being taken by a securitisation entity managed and serviced by Dubai Aerospace Enterprise.
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A steady stream of legal actions are being filed against insurers over billions of dollars’ worth of stranded aircraft.
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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.
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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.
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The hull war market is also looking to target premiums in excess of $500mn, up from the $180mn it achieved in 2021.
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Liberty Specialty Markets said it was still fully committed to writing aviation risks.
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The initiative aims to tackle the growing threat posed by 100 million pieces of space debris to the global satellite network.
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The carrier denied it is liable to pay any of AerCap’s claim on the grounds that no loss has been suffered.
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AerCap’s contingent war insurers have filed documents rebuffing the lessor’s $3.5bn all-risk claim.
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Jay Wigmore previously spent 21 years at Tokio Marine Kiln, most recently as head of general aviation and product development.
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In his new position, the executive will focus on the firm’s expansion of its aviation insurance offerings.
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The appointment comes just four months after Everest entered the class, hiring Global Aerospace’s Paul Truman to run its aviation book.
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In his new role, Martin Audis will be based in London and will report to Nigel Griffiths, regional head of general aviation.
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The Ukraine loss reserve tally has reached $2.4bn as of the end of June.
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Separately, the lessor has launched legal proceedings against AIG and other insurers for the full value of its $3.5bn insurance claim.
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Adrian Poxon will take on the role of aviation CUO following Sommerlad’s retirement on 1 September.
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Before joining Aon, Rob Sage took a step back from the market after spending more than 20 years at AIG.
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The news comes after this publication revealed Kerrigan Read is also set for WTW.
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Everest Re has appointed TMK’s Ben Amphlett as its first head of aerospace while also hiring Jake Wagner, senior aviation underwriter at Allianz.
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The carrier did also acknowledge that, while it believes losses should fall on war policies, “claimants have to exhaust other alternatives first”.
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Kerrigan Read brings more than 28 years of insurance experience, including 25 years with aerospace clients.
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Despite the uncertainty surrounding the conflict, rates in the airline all-risk market remain flat.
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If the lessor’s $3.5bn all-risk claim proves unsuccessful, it plans to pursue a claim on its contingent war policy worth $1.2bn.
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The $1.6bn write-off covers the value of 34 aircraft still on the ground in Russia.
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The world’s largest aircraft lessor AerCap has sued Russian cargo carrier Volga-Dnepr Airlines for £339mn ($427mn), accusing it of using sanctions as cover to keep eight Boeing airplanes in the latest dispute stemming from the Western crackdown on Moscow, according to Law360.
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Plus the lowdown on the potential Howden-TigerRisk tie-up and all the top news of the week.
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The account consists of 16 airlines and has a total fleet value of $29.7bn.
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The renewal also includes an expropriation aggregate limit, which is understood to be less than half of what it was pre-renewal.
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The carrier, which has been a leader in the war liability market, has re-evaluated its appetite as a result of the Ukraine conflict.
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Chris Collins will become international head of airlines and deductibles, while Paul Talbot has also been promoted to head of manufacturers and airports for the UK.
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Up to 50% of the carrier’s war loss stems from aviation, where litigation brews.
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The lessor is attempting to recover $25mn from UniCredit relating to aircraft in Russia after it already recouped $25.4mn from other creditors.
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The lessor is recording a write-off for 19 aircraft leased to Russian airlines after it successfully recovered three planes since the start of the outbreak.
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The lessor has 10 planes on the ground in Russia, representing less than 1% of its fleet value.
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The lessor was able to recover two planes from Russian airlines since the start of the conflict, while 10 remain on the ground in Russia and Ukraine.
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Countries such as Russia, Ukraine and Belarus and other select geographies are excluded in the renewal terms, as is expropriation.
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The lessor has 17 aircraft on the ground in Russia, while one other plane leased to a Russian airline was outside Russia before sanctions were imposed.
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The possibility for lessors to claim on airline policies has added another layer of complexity to the unprecedented loss scenario for aviation.
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The ratings agency said a high degree of uncertainty around ultimate exposure is likely to be long-lasting and will fuel rate strengthening in affected lines.
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The lessor confirmed it is “vigorously pursuing” insurance claims relating to the $802.4mn worth of stranded equipment.
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Just a few losses in aviation war have the potential to “wipe out one if not multiple” years of income, the broker said in its Plane Talking report.
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Political violence and aviation coverages had been thrown into marine composites as the market softened.
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The insurer’s exposure in Russia ahead of the outbreak of conflict in the Ukraine was $3.1bn, with the lessor able to recover approximately $400mn worth of equipment thus far.
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The unlimited sideways exposure in the all-risks market has the potential to make the Ukraine-Russia situation even graver for the aviation market.
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Lisa Leahy will be reunited with former colleague and TMK’s divisional head of aviation, James Walker, in her new role.
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All Irish airline lessors have now terminated their Russian leases, meeting the European Union’s sanctions deadline on Monday, albeit with limited success in recovering aircraft, according to Reuters.
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The Gallagher-placed programme is in focus as the aviation market tries to digest the implications of the Russia-Ukraine conflict.
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First proposed last week, the law passed through the Russian parliament, on Friday and was signed into law by Putin today.
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Reuters reported that if a foreign lessor terminates the agreement, a special government commission is to decide whether the aircraft can be returned.
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Multiple interlocking dependencies will determine whether huge potential claims from leasing companies are ultimately paid.
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Carl Shephard will serve as aviation senior broker in London and Chris Latta as vice president for the US Southeast region aviation practice.
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The general aviation underwriter joins the expansive specialty player to work alongside lead aviation underwriter Simon Herring.
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The senior underwriting figure will lead one of the bigger aviation portfolios in the London market.
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The market is becoming more of a buyers’ market as new capacity arrives.
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Some airline accounts registered rate decreases as competition ramped up towards the end of 2021, according to the broker.
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An Ascot-led consortium will be launched at Lloyd’s, offering a variety of space cover.
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Greg Rector, managing director of Aerosure, will become MD of Willis’ Australasia aviation division.
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The product launch is the latest in a series of market entries for the expansive business.
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Chubb has promoted Emma Walker to the head of aerospace role for Chubb Global Markets, giving her responsibility for managing and developing the carrier’s global aerospace portfolio.
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The aviation veteran worked for Axa XL for almost two decades.
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The underwriter has spent 20 years in aviation underwriting with Catlin and Beaufort.
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Willis Towers Watson has won three new airline clients from Marsh, Insurance Insider can reveal, marking a string of victories for the broker’s global aerospace unit after a period of uncertainty.
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The Richard Brindle-led carrier has undergone a major expansion in specialty lines.
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The latest Plane Talking report also highlights that The Hartford and Inigo are finalising preparations to enter the airline market.
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The business has seen a number of senior staff in specialty lines exit recently.
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As part of his promotion, Andrew Innes will also join the division’s global aerospace leadership team.
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Hughes will assume the role of a consultant within the practice, responsible for supporting client-facing teams with legal input to complex insurance coverage, claims and contract issues.
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Both NFP and Piiq’s soon-to-be owner Ardonagh are part-owned by Madison Dearborn, which has invested heavily in P&C broking over the past decade.
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The aviation specialist has shaken up the manufacturers' market by winning the likes of Airbus, Rolls Royce and Leonardo.
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MS Amlin Underwriting Limited (MS AUL) has appointed Richard Bayman from Chubb as head of aviation reinsurance.
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Capacity levels and competition amongst underwriters is increasing as renewal activity gathers pace.
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The forfeiture of the account follows a series of deals moving in the other direction, including Airbus.
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The insurer says the rebrand will fully align Aviabel and NLP with its Axis brand.
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The account move follows Airbus decision to switch to the independent broker earlier this week.
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The start-up broker has also won Rolls-Royce, Dassault and Embraer over the last year.
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The hire reflects the Aquiline and Abry Partners-backed business’s diversification away from motor.
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AJ Gallagher has won the coveted AerCap account from Willis Towers Watson, Insurance Insider understands. AerCap is the biggest aircraft leasing company in the world.
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Sources said pandemic rate inflation and increases in exposure could lead to rates tapering off after years of increases.
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With around 50 members of staff across the business, the divestiture is not expected to significantly alter the competitive landscape.
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Losses for 2020 were below average and capacity is stable, but the pandemic is likely to complicate deals.
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The airline account move comes as Howden strengthens its position in the airline space.
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Capacity has stabilised after several exits, and there are “shoots of recovery” in performance, but disagreement remains around rate adequacy.
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Earlier clean aviation renewals had ~50% increases, and those with exposure to the $2bn loss paid much larger increases.
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Despite hardening rates, insurers are “very polarised” about entering the class, CEO Laurent Lemaire says.
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The broker adds a mandate worth $10mn in premium after its Bristow Helicopter win.
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The MGA underwrites 100% of Dolijet’s GA and liability policy, with the combined single limit understood to be EUR15mn.
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United Airlines’ all-risks policy could face liability claims, while the Pratt & Whitney policy could see a partial grounding claim.
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Sharing confidential client information was endemic in the market until the 2017 investigation prompted it to be stamped out.
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Despite the grounding of multiple Boeing 777 planes, the incident is unlikely to result in another claim from Boeing, sources said.
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The intermediary's disclosure confirms the end of a process that began with dawn raids in the UK almost four years ago.
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Tim Wakeman has worked across the space and aviation sector at Aon, Willis and UIB.
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The reinsurer has around a 20% line on the broadcaster’s policy, with Willis Towers Watson acting as the broker.
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Martin McConnell and Michael Holt will join the Florida-based unit as partners next month.
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Benjamin Telling worked at AGCS since 2009 and has been an airline underwriter since 2017.
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The account with one of the world's leading helicopter providers is worth about $15mn in annual premiums.
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The Gallagher-brokered and Liberty-led account is likely to generate a $3mn hull claim and between $6mn-$9mn in liability losses.
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The AJ Gallagher report says multiple potential claims could take current loss levels well above the $330mn already known about.
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Covid-19 vaccine rollouts are likely to create conditions which temper rate expansion, the broker said.
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The broker’s 1st View report also finds hardening in the engineering market and increased appetite for quota share within marine.
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The London-based carrier has a 7.5% line on the account, which has proved difficult to place due to its loss history.
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The Boeing loss deterioration to $2bn had prompted a burst of rate acceleration to 30% rises in November, although this was described as “short-lived”.
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The multi-year pact covers both airlines and aerospace.
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Insurance Insider launched its first-ever talent survey aimed at the aviation insurance market and some 165 professionals made it to the overall ranking
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Reinsurance is significantly up for aviation insurers due to Boeing loss deterioration.
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The rocket failed, carrying two Earth observation satellites on Monday, but was uninsured.
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The carrier has placed its book of primary business into run-off but will continue to write space reinsurance.
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The broker specialises in African aviation and has previously worked at Marsh and Willis.
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Rates surge as much as 300% on distressed risks as underwriters seek to rebuild profitability.
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Tony Ambrose joined the broker in November last year from Swiss Re Corporate Solutions.
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The change comes ahead of the renewal in December of the Willis Towers Watson-brokered cover.
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The executive leaves the Marsh & McLennan Companies-owned broker after 34 years.
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As many as 11 accounts have moved in recent weeks among major and start-up brokers.
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Some reinsurers pulled quotes as the shock waves of ~$650mn of creep reverberated.
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Tony Simmons, Tony Marshall, Lee Braysher and Barry Marler all previously worked at JLT’s aerospace arm.
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The respected aviation underwriter joined the company in 2017 from AIG.
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The executive returns to the MMC subsidiary after an 11-year absence.
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Underwriters are adjusting underlying exposures to push for rate while keeping premium increases modest for cash.
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The executive will manage the MGA’s new all-risks account, while former Chubb loss adjuster David Adcock becomes aviation claims head.
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New hires announced today include Lauren Escher from AIG as US general aviation practice leader.
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The win represents a major coup for the start-up broker, and follows the Dassault and Embraer wins.
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The move follows the appointment of Guy Carpenter aviation leader Graham Barden as chair of aviation and aerospace.
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Stinging energy losses could be added to a slew of painful marine and aviation losses in August.
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The MGA will start writing the class in time for the key Q4 aviation renewals.
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Reduced passenger numbers have dented airline revenue, with some suggesting the imposition of minimum premiums.
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Lockton Re has hired Graham Barden from Guy Carpenter as chairman of its aviation and aerospace practice.
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The BGC-backed aerospace broker makes its first appointment at its French unit from Marsh.
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DXC’s Xchanging backs down from rules that appeared to put the kibosh on any placement that had Cuban or Iranian exposure.
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The aviation market has had a turbulent few years, but despite coronavirus-related loss of premium income in 2020, continuing rate increases into 2021 could keep it on track to profitability
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The BGCI broker has built a team of over 30 colleagues led by Philip Smaje.
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The pandemic could also lead to a spike in attritional claims and increased risk aggregation due to grounded fleets.
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Heavy losses come off the back of poor performance and brings more scrutiny to the class, the broker said.
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The move follows Helvetia’s entry into the aviation market last October as the carrier expands in specialty lines.
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Wayne Murphy joins from Trust Re to lead the new division.
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RKH Specialty has made 13 new senior appointments to its global aviation operation, tripling the size of its team.
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The intermediary adds 14 staff in London and Colombia teams.
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Antares Underwriting CEO Joe Battle and head of ceded reinsurance Richard Anson are expected to leave the firm following a strategic review of the business by parent company QIC.
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Jonathan Milford-Cottam replaces Tom Fadden, who remains global aviation head.
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In court documents, the defence company says Aon failed to provide sufficient claims notification advice.
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Johnny Wadhams has moved to the broker from Chubb, where he was chief underwriting officer for aviation.
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The broker will join the business next year as senior partner and report to president Marcel Chad.
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"It costs less $ to insure a Falcon 9 mission," said Musk in a Tweet.
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The hires are the latest personnel changes in the aviation broking market amid a prolonged war for talent.
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Despite a smooth transition to remote working, Lloyd’s underwriters are focusing on existing clients during the pandemic, the broker warns.
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In its Plane Talking report the broker said insurers are still focused on long-term rate adequacy.
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David Boyle, Ed Louth, Paul Baker and Neil Black will join the broker’s global aerospace team.
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Plummeting passenger volumes will directly affect premiums collected by insurers.
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The commercial aviation market is extraordinary and unusual. Airlines have close-knit relationships and collaborate to ferry millions of people across continents each day.
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Some airlines are understood to be renegotiating terms of payment.
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Miles Taffs was joint active underwriter of Syndicate 2001, and previously served as head of aviation at Amlin.
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The broker has made six global aviation hires as the battle for staff in the market continues.
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The former Aon broker specialises in general aviation and small products liability business.
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Gordon Browne will take over as interim head of global specialty following the executive’s departure.
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Zurich is understood to lead the aerospace company’s D&O programme, brokered by Aon.
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The Ukrainian airline executive said insurers are seeking permission from the US to make payments.
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Mid-year M&A including the aviation deal increased the broker’s margin by about 50 bps.
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Sources said Island Express Helicopters holds a $50mn hull and liability insurance policy.
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The broker said that Boeing claims of up to $1.5bn had prompted rates to surge.
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Sources said carriers will likely need OFAC approval to make liability payments to Iranian families.
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The roughly $53mn cost of the aircraft’s hull will fall on the carrier’s war policy, sources said.
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The expanding aviation broker adds a Japan expert.
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Bushfire losses mount, and as does the likelihood that other Lloyd's businesses will follow Neon into run-off.
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BGCI’s aviation start-up looks to develop airline, aviation, satellite and reinsurance capabilities.
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Concerns have arisen over how payment may be split if the aircraft’s black box is not recovered.
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It is unclear whether the loss will fall on the airline’s all-risks policy or war policy.
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Newly arrived divisional CEO Phillip Smaje promises to provide an “independent and differentiated alternative” for clients.
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The launch is the latest of a plethora of (re)insurance broking initiatives in the aviation sector.
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The duo are the latest brokers to take roles at Steve McGill’s new venture.
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Willis Re report shows reinsurers reacting to Boeing incidents and ILS lock-up.
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Richard Stockley joins several Willis alumni at the new broking operation.
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All four hires will start in their new roles in 2020.
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The Civil Aviation Administration of China account has an annual premium volume of about $85mn.
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Sources said airline premiums have increased by around 40 percent on average.
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Marcia Rosset and Mike Dumenil are set to join the business.
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The senior broker resigned from Willis Towers Watson yesterday, according to sources.
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Carsten Nawrath joins the carrier after leading Swiss Re’s general aviation and aerospace business in EMEA.
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The initiative is offering $25mn capacity per risk and will cover assets from before launch to their operation in orbit.
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This publication highlights five key areas of the unit’s turnaround plan from Swiss Re’s investor day.
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Michael Dobson will take over from outgoing general counsel Stephen Walsh in early January.
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The postponement of one of the aerospace market's largest accounts comes amid a long-running coverage dispute.
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The MGA’s aviation team now comprises 15 underwriters.
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Wayne Hawkins, Stuart Nelson and Andrew Barker are set to join the Steve McGill-led broker.
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Matthew Stott joins JLT aerospace alumnus Phil Gingell at the charter aviation insurance specialist.
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Oliver Boreham takes up a New Jersey-based role at the intermediary.
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Latest move in the disrupted aviation broking sector.
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Mark Shurville has 28 years’ experience and previously worked for Willis Towers Watson and Marsh.
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The Swiss carrier joins Convex as a recent market entrant.
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Jamie Connor has joined the MGA’s Melbourne office.
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Steve Wilkinson, Milorad Piper and Wan Xin Lee have joined the broker’s aviation operation.
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Tony Ambrose and Martyn Holland will work from London, while Julie Meyer and Stephen Murray join in New York.
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Danny Hubbard is the latest aviation executive to defect to the new intermediary.
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The book is currently being overseen by CUO Richard Coulson, but sources expect a team to be recruited.
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The carrier last week announced it would gradually shutter nine lines of business, including aviation.
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The carrier also confirms the appointment of Chubb upstream energy chief James Langdon as UK energy and construction head.
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The response follows large losses in recent months and reduced risk appetite among space in insurers.
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The executive takes up the role following a reshuffle prompted by Mark Costin’s move to BGC.
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Sources warned that the merry-go-round of senior broking talent would cause concern for airlines as they approach key Q4 renewal dates.
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Sources said e-discovery was ongoing to establish if Rolls-Royce management knew about prior Trent 1000 defects.
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Negotiations continue between the victims’ families, Boeing and its insurers.
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The airline has experienced at least one IT failure or cyber security incident a year since 2016.
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The aviation specialist is the latest intermediary to leave McGill & Partners or BGC.
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The general aviation portfolio has premium volumes of about $20mn.
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Vine will report to Jason Klevens and joins the intermediary’s Houston operation.
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General aviation and space are the latest sectors to be targeted in the division’s overhaul.
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Oyin Heath will join Mark Costin at BGC’s new aerospace insurance broking operation.
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Tarling returns to MMC after a spell working at aerospace giant Boeing.
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Former Willis global aviation chairman with experience at Marsh and JLT joins start-up.
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The combined claims are likely to cost the market in excess of $1bn.
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The broker said the product will help underwriters analyse their portfolios.
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The executive is the latest senior broker to exit JLT's aerospace division following AJG’s acquisition of the business segment.
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The renewal follows the downing of a Lion Air 737 jet in October last year.
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They face a Herculean task but the two start-ups could break the stranglehold of MMC, Willis and AJG in the aviation market.
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The loss will erode margins in the market, which reported new business of just $350mn in 2018.
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In its Plane Talking report, the broker noted that rate growth in the aviation sector accelerated in the second quarter.
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The platform offers on-demand insurance to commercial drone pilots.
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The loss easily exceeds the war market’s $60mn-$75mn annual premium pot.
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The facility supports airlines in purchasing Boeing jets.
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The military charter flight veered off the runway on touchdown at Jacksonville naval base.
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David White will produce a range of aviation business in the broking role.
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The venture aims to challenge the dominance of Marsh, Willis and AJG in the aerospace market.
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