SMBC settles with more insurers in lawsuit over stranded Russian jets

Aircraft lessor SMBC Aviation Capital has settled Irish lawsuits against more insurers over jets stranded in Russia following Western sanctions in 2022, a company spokesperson said on Friday. SMBC has discontinued proceedings against "certain insurers", including Fidelis, the spokesperson said in an email. The Irish Times on Friday reported that SMBC had reached agreement with Fidelis and was at an "advanced stage of resolution" with Chubb. The Irish Times also reported that CDB Aviation had also reached agreement with Fidelis and Ping An. A spokesperson for CDB Aviation declined to comment. The Irish Times also reported that all cases against "war risk" defendants in the case had now been settled. The case has treated "all-risk" and "war-risk" policies separately. SMBC had previously reached settlements with Swiss Re and Scor Europe, two of the 18 insurers it sued as part of a group of six lessors' Irish High Court action that began last June.<br/>