Factbox-Aircraft lesors sue insurances for $8 billion in case of Russian planes that were trapped

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(Reuters) – A string of lawsuits has seen dozens of insurance companies sue aircraft leasing firms for $8 billion. This is in response to the loss of hundreds of Russian-built aircraft that were left in Russia after Moscow invaded Ukraine.

After European Union sanctions, over 400 leased aircrafts valued at $10 billion were forced to terminate their leases.

Lessors contend that the aircraft are protected by policies against theft and war. However, insurers insist that the planes remain intact and may be returned.

Here is a listing of all the claims made against the United States and London insurers.

NORDIC AVIATION CAPITAL VS LLOYD’S, GLOBAL AEROSPACE

Nordic Aviation Capital’s subsidiary filed a complaint against Lloyd’s of London (Europe) on December 9th.

BOC AVIATION VS. 17 INSURERS

BOC filed a complaint against Ping’s Irish subsidiary in the Irish High Court on December 9.

According to a filing by the Irish High Court on Nov 3, this follows legal action by BOC towards 16 insurers. BOC, Singapore, recognized an $804 million asset impairment in August related to 17 Russian aircraft that it still owns. It stated it would not be able “in the near future, if at all” to recover these jets.

AVOLON Vs 16 INSURERS

Avolon filed a case against China’s PICC Property & Casualty in the Irish High Court on Dec. 9.

This comes after legal action against 15 Irish high court insurers. The filing shows that Nov. 3 was the date of the filing. An aircraft lessor had recorded a first-quarter impairment in excess of $304 million to compensate for the financial impact of 10 Russian jets remaining in Russia.

SMBC AVIATION CAPITAL VS LLOYD’S OF LONDON

SMBC brought a claim against Lloyd’s of London before the Irish High Court, Nov 28.

SMBC, a company based in Ireland, was earlier this year subject to an impairment of $1.6billion. This was due to the full financial consequences of 34 Russian jets being stuck in Russia.

CDB AVIATION VS. 18 INSURERS

The China Development Bank’s Irish-based lessor CDB Aviation filed a claim against 18 Irish insurers on Nov. 15, over Russian jets. CDB Aviation recognized a 747 million Yuan ($105 Million) asset write down in August, but claimed that it was not the total value of the aircrafts.

AIRCASTLE VS. 30 INSURERS

Aircastle filed a lawsuit against more than 30 insurance companies with the Supreme Court of the State of New York late October. The claim was about nine aircraft and other equipment that were left behind in Russia. Aircastle stated earlier this year that it had suffered $252 million in impairment losses on the jets.

CARLYLE Vs 30 INSURERS

Carlyle Aviation Partners filed a $700M claim in Miami-Dade County against over 30 insurers who failed to pay out over 23 Russian aircraft, it stated in October.

DUBAI AEROSPACE VS.11 INSURERS

Dubai Aerospace Enterprise filed a London suit against 11 insurance companies, including Lloyd’s of London and AIG. This lawsuit was filed in October after the company wrote off nearly $600 million for 19 Russian aircraft.

AVIATOR CAPITAL VS 15 INSURERS

Aviator Capital filed a $147 Million claim against Chubb and Hive Underwriters, HDI Global, and a dozen Lloyd’s of London syndicates. The claims stemmed from four commercial aircraft and three engine leased to Russian airlines.

AERCAP Vs AIG, LLOYD’S IN LONDON

Aercap filed a $3.5B London lawsuit against AIG & Lloyd’s in June. The suit relates to 141 aircraft and 29 engines that Aercap owned and leased to Russian airlines.

($1 = 7.1028 Chinese yuan renminbi)

(Compiled in Dublin by Conor Humphries and Kirstin Cohn; Editing by Mark Potter & Matthew Lewis.

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