Dubai Aerospace, with 19 jets stranded in Russia, is suing 11 insurers in London | Tech Rasta


LONDON, Oct 27 (Reuters) – Aircraft leasing company Dubai Aerospace Enterprise (DAE) has filed a lawsuit in London against 11 insurers, including Lloyd’s of London (SOLYD.UL), AIG (AIG.N), Chubb (CB.BN ) and Swiss Re (SRENH.S), two months after writing off nearly $600 million for 19 planes stranded in Russia.

The High Court lawsuit also names Fidelis Insurance Ireland, HDI Global Specialty, Abu Dhabi National Insurance Company (ADNIC.AD), Great Lakes Insurance, Global Aviation Admissions Managers, Starr Insurance Europe and Axis Specialty Europe.

A Lloyd’s spokesman said the insurer was “not at liberty to share information on any specific claim, policy or policyholder.” Munich Re (MUVGGR.UL), the parent of Great Lakes, AIG and Swiss Re declined to comment.

The other insurers and DAE did not immediately respond to requests for comment.

But lenders have vowed to pursue insurers since losing control of more than 400 chartered planes worth nearly $10 billion after Western sanctions against Russia over Ukraine’s war with Moscow prevented the planes from leaving.

The claims were made in London four months after Dublin-based AerCap ( AER.N ), the world’s largest aircraft lessor, filed a $3.5 billion insurance claim over more than 100 of its planes seized in Russia.

DAE, which said in August it had written off $576.5 million for its aircraft, noted in its half-year results statement in August that it “has no way of determining whether these aircraft will be returned at any time in the future.”

“The group has insurance in respect of the aircraft in question under a number of insurance policies and the group has submitted an insurance claim to recover the amount required under the policy,” it added.

Details of the lawsuit, which was filed last week, have not yet been made public.

Reporting by Kirstin Ridley and Carolyn Cohn in London Additional reporting by Noor Zainab Hussain in Bengaluru Editing by Matthew Lewis

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