Shearwater joins aviation court chase, targets AGCS & Liberty Specialty

Aviation lessor Shearwater Global Capital filed suit against  Allianz specialty insurance unit  AGCS and  Liberty Specialty Markets together with its Lloyd's syndicate for an aircraft stranded in Russia.

The financing unit launching the complaint had reported an aircraft on lease through 2024 to Russian leisure airline Nordwind Airlines with a net book value end-2020 of $18.6 million.

Shearwater had notified its own insurers of covered loss by early March 2022 and likewise submitted claims under the lessee's policies by early May.

AGCS is on board together with hull all-risk reinsurers while Liberty is called together with hull war risk reinsurers.

Court dockets are already overfilled with aircraft leasing claims. AerCap led with a $3.5 billion case launched in June 2022 and has more recently stood behind a slew of litigation that appears to target insurers of its Russian lessees. Leasers Avolon, SMBC Aviation Capital, BOC Aviation, CDB Aviation, Dubai Aerospace Enterprise (DAE), Air Lease Corporation and a DAE-sponsored SPV have all followed suit.

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