Several aircraft leasing companies, including BOC Aviation, SMBC Aviation Capital, and Nordic Aviation Capital, have reached settlements with insurers over multimillion-euro losses incurred when planes were seized by Russian airlines three years ago. These companies joined Avolon in filing lawsuits in Dublin's High Court, seeking compensation under war-risk or all-risk policies. The settlements, reached on confidential terms, mark a significant development in the legal battle over aircraft stranded in Russia following the invasion of Ukraine.
Beijing-controlled BOC Aviation, Japanese-owned SMBC Aviation Capital and Nordic Aviation Capital have joined Avolon is settling lawsuits against insurers over multimillion-euro losses when planes were seized by Russian airlines three years ago. Photograph: Sajjad Hussain/Getty
A spokesman for Singapore-headquartered BOC Aviation has confirmed the company has discontinued proceedings against various insurers. These include Lloyds Insurance Company and Warren Buffett’s Berkshire Hathaway, according to court filings. Nordic Aviation Capital , another plaintiff lessor, settled some of its cases last summer, shortly after the hearings began, but resolved outstanding actions more recently, according to multiple sources. A spokeswoman for the company declined to comment.
A spokesman for CDB declined to comment. Directors of Hermes Aircraft A1264 have not responded to calls and messages left on Thursday. The Irish lawsuits echo actions taken by lessors against insurers in other jurisdictions in recent years, including London. Reuters estimates the sector racked up at least $8 billion of losses after more than 400 planes were stranded in Russia following western sanctions over Moscow’s war in Ukraine that forced the termination of their leases.
AIRCRAFT LEASING INSURANCE RUSSIA UKRAINE SANCTIONS
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