DAE extends its courtroom press for lost Russian aircraft

Aircraft leaser Dubai Aerospace Enterprise (DAE) has extended its legal onslaught against insurers for claims following the February 2022 Russian aircraft heist, hitting a second time against a group of 11 insurers via an investment SPV that had financed a slice of the Russian exposures.

The Cayman-based investment unit Falcon 2019-1 Aircraft 3, an SPV sponsored and serviced by DAE, has filed suit separately in a UK court against the same defendant slate of Lloyd's plus ten associated insurers named by DAE in its own late October court filing.

DAE filed its case October 21 having previously claimed to have lost control over 19 aircraft leased to operators based in Russia. DAE has conducted $576.5 million in asset write-offs for those aircraft.

The new suit adds $70.4 million in asset values to the tally on two lost aircraft. The SPV group also has two aircraft grounded in Ukraine on lease to a Hungarian operator.

The list of 11 defendants leads off with Lloyd's and includes Fidelis, HDI Global Specialty, AIG, Chubb, Axis Specialty, Swiss Re, Starr Europe Insurance, Great Lakes Insurance, Global Aerospace Underwriting Managers and Abu Dhabi National Insurance Company.

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