Avolon, BOC settle Irish lawsuits against insurers over stranded Russian jets

Avolon and BOC Aviation, two of the world's largest aircraft lessors, have fully settled lawsuits in the Irish courts against insurers over jets stranded in Russia following Western sanctions in 2022, they said on Friday. Lessors are suing dozens of insurers around the world over losses of at least $8b after more than 400 planes were stranded in Russia following the sanctions over Moscow's war in Ukraine that forced the termination of their leases. Smaller lessor Nordic Aviation Capital has also terminated proceedings against the insurers, a source involved in the case said. A spokesperson for SMBC Aviation Capital also said it had reached settlements with Swiss Re and Scor Europe, two of the 18 insurers it is suing as part of a group of six lessors' Irish High Court action that continued on Friday. Avolon and BOC said they had discontinued their proceedings in Ireland after reaching commercial resolutions with their insurers. Avolon, BOC and SMBC, three of the world's five largest aircraft lessors, declined to disclose details of the settlements for commercial and confidentiality reasons. Spokespeople for CDB Aviation, Nordic Aviation Capital and Hermes Aircraft - the three other lessors pursuing claims in Ireland - did not immediately respond to requests for comment. Singapore-based BOC said it would continue to pursue a separate claim against insurers in London's High Court, where another trial by a group of lessors began last year.<br/>