Global insurers fight London court battle over jets 'lost' in Russia [Yahoo! Finance]
SWISS RE LTD S/ADR (SSREY)
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Source: Yahoo! Finance
LONDON (Reuters) - Insurers are playing "pass the liability parcel" in a desperate fight against multi-billion dollar claims over aircraft stranded in Russia since the invasion of Ukraine two years ago, lawyers for aviation lessors told a London trial on Wednesday. Mark Howard, a lawyer for the world's largest aircraft lessor AerCap, told the first day of a keenly anticipated trial that insurers must 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, Dubai Aerospace Enterprise (DAE), Merx Aviation, KDAC Aviation Finance and Falcon are pitched against insurers including AIG, Lloyd's, Chubb and Swiss Re. 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
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