BOC Aviation Ltd. has begun legal action to bring claims against 16 insurers over aircraft owned by the lessor and stuck in Russia, according to an application from Ireland’s Supreme Court.
The insurers named in the proceedings, which were published on November 3, are Lloyd’s of London Ltd., AIG Inc., Chubb Ltd. and Swiss Re AG.
Lloyd’s and Swiss Re declined to comment, and AIG and Chubb did not immediately respond to requests for comment on BOC’s legal action, which did not detail the scope of the landlord’s claim.
Carlyle Aviation is suing insurers for seized aircraft leased to Russian Airlines
Leasing firms have started claiming huge losses since they lost control of more than 400 leased planes worth nearly $10 billion after western countries sanctioned Russia over its February invasion of Ukraine and Moscow blocked the planes from departing.
Singapore-based BOC acknowledged an asset write-off of $804 million in August related to the 17 aircraft it owns that remain in Russia.
BOC said in August it had filed insurance claims to recover the losses and would vigorously pursue it.
Chief Executive Robert Martin told analysts in August that the proceedings will “occupy lawyers for many years” and may require a complete reconsideration of aviation insurance.
Dublin-based AerCap Holdings, the world’s largest aircraft lessor, filed a $3.5 billion lawsuit in June in London’s High Court over its insurance claim for more than 100 seized aircraft, the largest claim by a lessor in the world. related to the conflict.
Other major lessors, including Avolon and Dubai Aerospace Enterprise (DAE), have also initiated proceedings.
(Reporting by Padraic Halpin in Dublin; additional reporting by Carolyn Cohn in London; editing by Alexander Smith and Jonathan Oatis)
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