The perils of war: the aviation sector’s billion dollar battle over beached Russian assets
They say their insurance policies were meant to pay out in 90 days for aeroplanes lost by acts of war. Yet nearly a year after Russia's full-scale invasion of Ukraine, some of the world's largest aircraft lessors are fighting tooth and nail for compensation.
“We are at the ready”: Inside the Government’s joint battle with AerCap to salvage Russia insurance cover
When European sanctions hit aircraft leasing companies’ Russian contracts, they stood to lose everything. Co-ordinated industry and diplomatic lobbying resulted in their insurers being on the hook instead, new documents reveal.
Unpicking XS Direct: The €80m IPO candidate that left behind a €25m deficit
New documents lay bare the financial plight of XS Direct, revealing details of how much the main creditors, including Beach Point Capital, are owed. They also disclose efforts to sell the company’s insurance book and intellectual property.
After a tough two years, is everything finally going right for FBD?
There was much to like in FBD’s recent three-paragraph market update: lower than expected net cost for business interruption claims, smaller personal injury claims, good weather and buoyant markets. The company added €60 million in value when markets opened.
XS Direct was a small domestic business operating in a massive sector that has long been dysfunctional
XS Direct has ceased renewals for both direct customers and brokers in Ireland. It is not the first player to exit the market here. And given the malfunctioning industry, it will certainly not be the last.
Requiring additional funding after a difficult number of years, Irish insurer XS Direct is winding down its business
Led by Fyffes scion Chris McCann, XS Direct wrote €117m of premiums in 2020. However, it has struggled in recent years, resulting in a hefty 2020 loss and a recent redundancy programme. It has now ceasing renewals for both direct customers and brokers in Ireland.
High stakes in the High Court: Up to €250 million at stake in Perrigo insurance row
Perrigo is locked in a row with its insurers over policy cover for disgruntled investors suing in the wake of Mylan’s failed $26 billion hostile takeover bid in November 2015. Now the battle is being played out in Dublin.