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

SMBC Aviation Capital and partners have filed suit against  Lloyd's and ten insurers, presumably the latest in the mounting pile of claims for aircraft appropriated by Russia after its invasion of Ukraine and the imposition of sanctions.

In the case registered only November 28, SMBC Aviation Capital is joined by Global Aviation Equipment Leasing I Ireland and Wilmington Trust SP Services as plaintiffs.

Beyond Lloyd's, the list of defendants includes units of: Chubb, Swiss Re, HDI Global, Fidelis, AIG, SCOR, Starr Insurance, Great Lakes Insurance, Mitsui Sumitono and Global Aerospace Underwriting Managers.

SMBC claimed an aggregate one-off impairment of $1.6 billion on loss of 34 owned aircraft after it terminated the leasing deals.

Court dockets are increasingly filled with aircraft leasing claims. Leasers Avolon, BOC Aviation, CDB Aviation, Dubai Aerospace Enterprise (DAE) and a DAE-sponsored SPV have all filed in recent weeks. AerCap has led the charge with a massive $3.5 billion suit filed in June.

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