DAE, AXA clinch deal as UK battle over jets 'lost' in Russia kicks off
Lessor DAE reaches settlement with Western insurer AXA
Aircraft lessors sue over billions of dollars in unpaid claims
Five disputes against different insurers rolled into one trial
Hundreds of aircraft remain in Russia after Ukraine invasion
Trial marks start of one of biggest UK insurance battles
Recasts with DAE, AXA settlement
By Kirstin Ridley and Sam Tobin
LONDON, Oct 2 (Reuters) - Aircraft lessor Dubai Aerospace Enterprise (DAE) has secured a settlement with insurer AXA AXAF.PA over jets retained in Russia since the 2022 invasion of Ukraine , raising the prospect of further deals as a London High Court "mega trial" kicked off.
Alistair Schaff, a lawyer for DAE, told the first day of the trial on Wednesday that a confidential settlement had been secured and DAE's remaining claim turned on 19 missing jets.
One source familiar with negotiations said a full and final settlement had been reached between DAE and AXA in respect of the relevant portions of DAE's policy insured by AXA.
AXA's commercial insurance arm, AXA XL, declined to comment.
News of the deal came afterMark Howard, a lawyer for the world's largest aircraft lessor AerCap AER.N, told the court thatinsurers had to know there was no realistic prospect that Western-owned jets and engines would be returned.
"The reality is ... that the aircraft and engines are lost," he said.
In one of the largest insurance disputes to be heard in London, AerCap, DAE, Merx Aviation, KDAC Aviation Finance and Falcon are pitched against insurers including AIG AIG.N, Lloyd's SOLYD.UL, Chubb CB.BN and Swiss Re SRENH.S.
The fast-tracked case, which is due to close by year-end, is seen as a bellwether for parallel lawsuits in Ireland and the United States over who should pay for around 400 planes, valued at almost $10 billion, left in Russia after the West imposed sanctions over the war.
The London lawsuit centres on claims related to almost 150jets, along with some engines, that were originally valued at up to around $4.7 billion. But some settlements with Russia - albeit at prices below the insured value - have trimmed the value to nearer $3.0 billion.
Insurers argue in part there is no evidence the aircraft have been destroyed or damaged, that the assets are no longer subject to lease agreements or that policies do not cover the events leading up to their failure to return.
Lessors said in court filings they had sought compensation from Russia. DAE said its president, David Houlihan, took a one-week trip to Moscow in March 2022 to meet with lessees - to no avail, documents show.
Lessors are claiming compensation under "contingent and possessed" policies that can provide cover under a broad, all-risks clause for loss or damage to aircraft or under a more specific war-risks clause.
AerCap, which says it has lost 116 aircraft and 15 engines, is suing for $2.06 billion under its all-risks insurance policy or, alternatively, $1.2 billion under its capped war-risks policy, pending further deals with Russia, court filings show.
In court filings, DAE had valuedits claimfor 22 aircraft, one engine and one piece of equipment at $737.8 million. Merx is claiming $184 million for six aircraft, while Falcon is claiming $43.4 million for two aircraft and KDAC is suing for $21.5 million over the loss of one jet, court filings show.
Lessors have separately taken on reinsurers, some of which lost a battle in March to have the case moved to Moscow, and some are also tackling insurers over jets stuck in Ukraine.
Reporting by Kirstin Ridley and Sam Tobin, additional reporting by Carolyn Cohn; editing by Barbara Lewis, Alexandra Hudson
Aloqador aktivlar
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
