Full coverage: Insurance

Liquidators were appointed last May to GTLK Europe, an Irish-based subsidiary of sanctioned Russian transport leasing giant JSC GTLK. They are now claiming insurance cover on 37 jets stuck in the Russian Federation.

Scouting Ireland is facing serious financial issues and new estimates of how much its legal liabilities will cost reveal the scale of the crisis facing it in the years ahead.

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.

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.

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.

Two of Ireland's oldest insurance brokers are set to merge. In an industry targeted by international private equity and listed buyers, the participants in the latest deal insist it is different.

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 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.

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.

With indoor drinking and dining set to resume, The Currency looks at the hospitality industry's ongoing legal struggle with multiple insurers. In the wake of the landmark FBD ruling, uncertainty continues to reign.