Swiss Re, AIG, Chubb, Lloyd’s and 7 other insurers named in DAE lawsuit

Aircraft leaser Dubai Aerospace Enterprise (DAE) is filing suit against Lloyd's and ten insurers for asset losses suffered on Russian appropriation of leased aircraft.

Dubai Aerospace Enterprise (DAE) Ltd leads a list of 34 related claimants in the incipient case, filed October 21 and published by the courts November 3.

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

DAE lost control over 19 of the 22 aircraft it had previously been leasing to operators based in Russia. DAE has conducted $576.5 million in asset write-offs for the aircraft.

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

Already registered?

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk