CDB Aviation names 14 insurers in latest suit for aircraft losses
CDB Aviation has filed a suit against 14 insurers, including Lloyd's, presumably the latest in a string of suits demanding claims payments on aircrafts lost to Russian confiscation following its February invasion of Ukraine and the onset of sanctions.
The defendant list, 18 positions covering 14 insurers, leads off with Lloyd's, then proceeds to Chubb, Scor, Berkshire Hathaway, Tokio Marine, Mapfre, MSIG, HDI Global, Swiss Re, Fidelis, Starr, Axis Specialty, Global Aerospace Underwriters and Great Lakes.
The initial court filing, dated November 15, did not include any preliminary documentation which might define the claim.
Court dockets are increasingly filled with aircraft leasing claims. Leasers Avolon, BOC AViation, Dubai Aerospace Enterprise (DAE) have all filed in recent days. AerCap has led the charge with a massive $3.5 billion suit filed in June.
CDB Aviation claims 384 aircraft assets owned and committed at mid-year 2022 and $11.2 billion in owned aircraft leasing assets by net book value.
CDB Aviation is wholly owned by China Development Bank Financial Leasing, majority owned by China Development Bank.
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