Insurers including Chubb, Fidelis, and Lloyd’s have been granted permission to appeal a London High Court ruling that favoured AerCap, the world’s largest aircraft lessor, in a dispute over jets stranded in Russia following the invasion of Ukraine.
The High Court had ruled in June that AerCap could recover just over $1 billion from its “war risks insurers”.
That figure, however, fell short of the approximately $2 billion that the lessor had sought under a broader “all-risks” clause.
The initial judgment largely sided with leasing companies in a multibillion-dollar legal battle against insurers, marking one of London’s most significant insurance disputes.
Chubb, Fidelis, and Lloyd’s will now take their case to the Court of Appeal, with the hearing anticipated to last up to five days.
The lawsuit originally centred on nearly 150 jets and associated engines, once valued at up to $4.7 billion, though various settlements, including one on the first day of the trial in October 2024, have reduced the overall scope.
The aircraft became stuck in Russia after Western nations imposed sanctions on the country.
AerCap, alongside other lessors such as Dubai Aerospace Enterprise (DAE), Merx Aviation, KDAC Aviation Finance, Falcon, and Genesis, had spearheaded claims against a consortium of insurers, including AIG, Lloyd’s, Chubb, and Swiss Re.
KDAC settled all its claims during the trial, while AerCap, DAE, and other lessors have also periodically disclosed their own settlements.
