Legal

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.

The amount Aircastle is looking for in the suit is, however, lower than the $350mn insurance claim that for equipment stranded in Russia.

Some multi-national cedants are using US addresses to source cover from US carriers, risking issues in the event of claims, amid a desperation for growth on both sides of the Atlantic.

Mondelez had filed a $100mn lawsuit against the insurer over payment denial. 

Court documents also revealed that 101 of AerCap’s 116 planes in Russia have been re-registered.

Argo Group has been sued by investors, who claim the company has engaged in inadequate underwriting and misrepresentation of facts which resulted in a 60% drop in the specialty carrier’s common stock value this year.

Stonegate’s case is seen in the market as a key precedent for the aggregation of BI claims.

The High Court of Australia refused leave to appeal a case that had gone in favour of insurers in February.

The Insurance Council of Australia welcomed the news, with CEO Andrew Hall describing it as a “significant milestone”.

The brokers are working on finalizing the terms in a written settlement agreement, which could be filed within two weeks.

The carrier argued it paid the executive the first installment of a $400,000 retention award in March 2020 and the second half in March 2021.

The motion comes a month after Carpenter sued the rival reinsurance broker over the "orchestrated” exit of 12 executives from its Dallas-based practice.