Insurers including Chubb, Fidelis and Lloyd’s were granted permission on Tuesday to appeal against a London court ruling in favor of the world’s largest aircraft lessor AerCap over jets stuck in Russia since its war on Ukraine.
London’s High Court ruled in June that AerCap can recover just over $1 billion from its “war risks insurers,” though that was less than the roughly $2 billion it sought under a broader all-risks clause.
The court ruled broadly in favor of leasing companies in a multi-billion-dollar legal dispute with insurers, following the trial of one of the biggest insurance disputes yet heard in London.
But Chubb, Fidelis and Lloyd’s were given permission to challenge the ruling at the Court of Appeal, with the appeal hearing expected to last up to five days.
The lawsuit had focused on almost 150 jets and some engines, previously with a total value of up to $4.7 billion, though settlements – including on the first day of the trial in October 2024 – whittled the numbers down.
AerCap, Dubai Aerospace Enterprise, known as DAE, Merx Aviation, KDAC Aviation Finance, Falcon and Genesis had led the claims against insurers, including AIG, Lloyd’s, Chubb and Swiss Re.
KDAC settled all its claims during the trial, while AerCap, DAE and other lessors have periodically disclosed settlements.
(Reporting by Sam Tobin; editing by Barbara Lewis)
Related:
