Aerospace
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The lawsuit argues that one engine that was leased out in Ukraine and 16 engines that were leased out in Russia have suffered physical loss or damages. -
Steve Eccles joined AIG in April 2020 from Argo, where he was active underwriter of Syndicate 1200.
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Starr Insurance Companies will issue the insurance policy to protect against the non-payment risk typically held by financiers.
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Aviation insurers are still facing uncertainty moving into 2023, with a slew of legal cases, and large losses from the previous quarters looming above them.
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The lessor is looking to recoup $750mn from its war insurers or over $875mn from its all-risk insurers, in the event that its war claim fails.
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The amount Aircastle is looking for in the suit is, however, lower than the $350mn insurance claim that for equipment stranded in Russia.
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The market is waiting to see if the loss deterioration changes soft dynamics that were developing in the key Q4 all risks renewals.
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The hull war market is also looking to target premiums in excess of $500mn, up from the $180mn it achieved in 2021.
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In his new position, the executive will focus on the firm’s expansion of its aviation insurance offerings.
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In his new role, Martin Audis will be based in London and will report to Nigel Griffiths, regional head of general aviation.
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Despite the uncertainty surrounding the conflict, rates in the airline all-risk market remain flat.
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The carrier, which has been a leader in the war liability market, has re-evaluated its appetite as a result of the Ukraine conflict.
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