Legal

Bowling chain Hollywood Bowl is also suing Liberty Mutual for Covid-19 BI losses.

The pub group and bakery chain will dispute elements of judgements issued in October in UK Covid-related BI lawsuits.

The action is being taken by a securitisation entity managed and serviced by Dubai Aerospace Enterprise.

A steady stream of legal actions are being filed against insurers over billions of dollars’ worth of stranded aircraft.

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.