Aerospace
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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. -
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.
