Anniversary aircraft onslaught: Lessors launch massive court move

Aircraft lessors struck some 30 insurance groups one year after the onset of Russian sanctions with a mass of 19 new simultaneously-filed court cases seemingly led by the industry's  top-affected player AerCap.

AerCap figures notably on the list of some 77 total plaintiffs, with subsidiaries and financing vehicles from the group appearing on the plaintiff roster of 18 of the 19 cases that were filed simultaneously February 23.

AerCap was the industry’s early mover towards the courts with a $3.5 billion claim following a massive $2.7 bill net write down on planes and engines lost to the Russian invasion of Ukraine. The case against AIG, Lloyd's and Fidelis was launched already in June 2022.

But AerCap is not alone in the latest foray into the courts. Air Lease Corporation, with its own major litigation underway on its own home turf, joins on one major case of the 19.

And Lithuanian-based AviaAM Leasing makes an appearance. The AviaAM unit owning the array of SPV plaintiffs has admitted to losing 13 aircraft with a carrying value of $570 million and had promised legal action.

Units from a full 30 insurance groups figure amongst the 69 entities appearing in 179 defendant slots across the full swathe of cases.

Allianz Global Corporate & Specialty is named in a full 16 of the 19 suits, followed by units of Liberty Mutual (including Liberty Specialty Markets and their syndicate) with 17 and Lancashire plus syndicates on 16. Mark Fidelis on 14 cases, units of Munich Re and GIC on ten apiece.

Also present: AIG, Arch Insurance, Atrium, AXA XL, AXA XL Catlin, Axis Specialty, Beazley, Chaucer, Chubb, Convex, Global Aerospace, HDI Global Specialty, Helvetia, IQUW, Nexus, Partner Re, PICC, Reunion, Starr International, Swiss Re, Talbot and others.

Court dockets had already been filled with aircraft leasing claims. Leasers Avolon, SMBC Aviation Capital, BOC Aviation, CDB Aviation, Dubai Aerospace Enterprise (DAE), Air Lease Corporation and a DAE-sponsored SPV have all followed the $3.5 billion June move from AerCap.

To read more on this story, check out the following links:

Top aircraft lessor files $3.5bn claim on Russian losses, still ahead of airline policies

Merx Aviation files suit against Lloyd's and band of specialty insurers

Yet another aircraft leaser heads to court after $1.6bn Russian loss

Former DVB lessor files suit in latest Russian aircraft claim

Russian aircraft heist could spell $11bn insured loss: Moody’s

Insured losses on Russian aircraft seizure grossly overstated: Lloyd’s

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.