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High Court of England and Wales to hear STLC’s £472m war risks claim against AIG, AXA and others over Russia-detained aircraft

Published on: 29 May 2024

Published by a Law360 reporter
Legal News
Article summary

STLC Europe Sixteen Leasing Ltd

STLC Europe Sixteen Leasing Ltd says six of its Boeing 737-800 aircraft were covered for war risks, yet a host of insurers — including AXA, AIG, Allianz and Liberty Mutual entities — have declined to indemnify the losses, according to a High Court claim dated 3 May 2024 that has only recently been made public. These allegations follow High Court Judge Andrew Henshaw’s March 2024 ruling dismissing jurisdiction objections to numerous compensation claims brought by aircraft lessors. As a consequence, major insurers now face more than £13bn of claims in London. STLC said it leased the jets to S7 Airlines, which is headquartered in Russia, and that the planes were insured with Ingosstrakh Insurance Co Ltd from May 2021 to May 2022. Ingosstrakh then reinsured the aircraft with American International Group UK Ltd and AXA XL Insurance Co UK Ltd to provide cover for war, hi-jacking and other risks...

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