Carlyle Aviation Partners, the aviation division of private equity firm The Carlyle Group, is suing a group of insurance companies after alleging they failed to take responsibility for losses stemming from the seizure of aircraft leased to Russian airlines after the outbreak of war in Ukraine, according to a report by Joe Schneider for Bloomberg.
Carlyle Aviation, which provides aircraft leasing and asset management solutions for equipment and engines, leased a total of 23 aircraft to Russian-based operators.
On 27 February 2022, three days after the Russian invasion of Ukraine, the airlines told Carlyle Aviation that they could not move the aircraft out of the country due to airspace restrictions and closures. To this day, all of them remain in Russia.
According to Bloomberg, Carlyle Aviation sued more than a dozen insurers and reinsurers in a state court in Miami, where the company is based. Among those named are American International Group UK, Chubb European Group SE and Berkshire Hathaway International Insurance Ltd.
Carlyle Aviation alleged breaches of contract and violation of good faith duties. In addition, it seeks unspecified damages, to be determined at trial. «The defendants have failed to hold up their end of the bargain», the company stated.
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