Avolon is said to have suffered losses worth $261m after 10 of its jets were seized by Russian airlines. Credit: Samuel’s Photos on Unsplash.

Aircraft leasing company Avolon has reportedly initiated a lawsuit against a syndicate of insurers in the Irish High Court over losses linked to Russia-Ukraine war.  

The lessor is said to have suffered losses worth over $261m after ten of its jets were seized by Russian airlines following Ukraine invasion and European Union sanctions.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

The then Avolon CEO Dómhnal Slattery had said the firm would put all efforts to reclaim the assets.

Later, the company confirmed plans to claim against the policies based on valid insurance cover for the Russian aircraft.

Reports, citing court listings, said the legal proceedings were against insurers led by Lloyds Insurance Company.

As per the listings, the Dublin-based firm’s subsidiary Avolon Aerospace (Hamilton) AOE 1 Ltd commenced legal action against Lloyds.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

As its first step, Avolon has reportedly filed a plenary summons with the court.

A company spokesperson said: “We have always maintained that we will rigorously pursue our claim and issuing proceedings now is the next stage in that process.”

However, details regarding the amount to be claimed were not disclosed.

Avolon is said to have provided 14 aircraft to Russian carriers.

Adhering to EU sanctions, the lessor was forced to end leases with the nation’s airlines. However, it could recover only four of the aircraft following the invasion.

In the first quarter of this year, the company highlighted $304m in loss owing to the 10 jets stuck in Russia.  

After offsetting this against other lease balances, Avolon reported a net loss of $261m.