The company has filed a suit in London’s High Court under the hull all risks section of its policy.
Aviation insurers have been flooded by litigation relating to aircraft stranded in Ukraine.
The most prominent case has been brought by AerCap, which has launched a $3.5bn case against its insurers.
Insurance Insider has reported that AerCap is in confidential talks with the Russian airline Aeroflot Group about the potential purchase of seized planes.
In the High Court earlier this week, a group of aviation insurers succeeded in legal arguments for aviation cases to be tried together in a lawsuit that will determine the outcome of billions of dollars of claims.
The judge ruled that similar cases from AerCap, Dubai Aerospace Enterprise and Falcon 2019 could be tried together in a trial spanning 12 weeks, which will take place in October 2024.
Shearwater, which is headquartered in Atlanta, specialises in investments in aviation and luxury assets.