Posted Nov 1, 2022, 6:12 PM
Carlyle Aviation Partners, one of the world’s largest aircraft leasing operators, is seeking $700 million from a dozen of its insurers and reinsurers including American International Group UK, Chubb European Group SE and Berkshire Hathaway International Insurance Ltd.
The operator accuses them of not reimbursing it for the losses resulting from the seizure of planes leased from Russian airlines after the invasion of Ukraine.
In a complaint filed Monday, October 31, before a court in the State of Miami, Carlyle Aviation Partners explains that it leased twenty-three planes to Russian airlines. He then tried to regain possession of the devices at the start of Russia’s invasion of Ukraine on February 24.
But on February 27, the Russian airlines that leased the planes informed him that they could not take the planes out of the country due to instructions and restrictions from the Russian government.
“Defendants failed to keep their end of the bargain,” Carlyle Aviation said in its claim for breach of contract and breach of good faith obligations. According to the operator, it had no choice but to take this legal action because it had “exhausted all avenues” to recover the planes and had not been compensated as demanded. his insurance policy.
Insurance policy obligations
“We have complied with all the obligations of the insurance policy, designed precisely for this type of risk in this situation,” the company said.
In other similar cases the insurers had argued that the planes, which are generally still in use in Russia, were not lost.
Carlyle Aviation Partners, part of the investment firm Carlyle Group, is one of many lessors fighting to recover planes leased from Russian airlines before Russia’s attack on Ukraine.
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