Aircraft confiscated by Russia: Dubai Aerospace Enterprise to take 11 insurers to court

Dubai Aerospace Enterprise (DAE), an Emirati aircraft rental company, is taking legal action in London against 11 insurers. These are, namely, Lloyd's of London, AIG, Chubb, Swiss Re, Fidelis Insurance Ireland, HDI Global Speciality, ADNIC, Great Lakes Insurance, Global Aerospace Underwriting Managers, Starr Europe Insurance and Axis Specialty Europe.

This measure came two months after the company wrote off its 19 aircraft grounded in Russia in an attempt to offset its net exposure to risk, resulting in an exceptional depreciation of 576.5 million USD.

The details of the lawsuit have not been disclosed.