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The loss aggregator pegged the event at EUR3.3bn in its first estimate in March. -
Group chief accounting officer Erick Fernandez will step in as an interim.
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Piraeus Bank bought the action against Antares over the detention of a vessel in Venezuela in 2015.
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The Supreme Court ruling over BI coverage early last year has not put a stop to BI litigation over Covid losses.
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The scale of the claim deals a substantial blow to the subsection of the energy market, but is not as large as first feared.
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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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This publication unpicks one of the most complex loss events to hit the market to date.
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Liberty Specialty Markets is understood to be the lead insurer on the policy, while Howden is understood to be the broker.
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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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Insurers have paid out $580mn to policyholders already.
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