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Man finds U-Haul truck on top of his SUV, insurance company not paying for damages

Man finds U-Haul truck on top of his SUV, insurance company not paying for damages


GLENDALE, Ariz. (Arizona’s Family/Gray News) – An Arizona man has been dealing with a damaged car for several months after a collision where he wasn’t even driving, and an insurance company will not be covering the damages.

Arizona’s Family reports McClain Schilling found his 2005 Land Rover parked outside his house demolished by a rented U-Haul pickup on New Year’s Day.

“When someone says there’s a U-Haul on top of your car, how do you process that?” Arizona’s Family reporter Gary Harper asked. “Well, I just came out to see it for myself,” Schilling responded.

Schilling said before the crash, his vehicle was great to drive.

“It was a super smooth and quiet ride,” he said. But not anymore, with pictures showing his Land Rover demolished by a rented U-Haul.

The U-Haul driver reportedly fled from the scene, and since Schilling said he only had liability insurance, he filed a claim with U-Haul – believing the company would cover his totaled SUV. After all, he wasn’t driving.

Investigators from U-Haul’s insurance company eventually inspected Schilling’s damaged vehicle and said they’d get back to him. But that was three months ago, and he said his claim kept getting delayed by adjusters.

“One month later, I get an email that says, ‘Hey, do you have a copy of the police report?’ And we’re like, we already gave it to you along with all the other information,” Schilling said.

Frustrated, Schilling contacted Arizona’s Family for some help this week.

“We’re at a loss. We don’t know what to do. My wife’s grandparents have been saying to call from day one,” Schilling said.

U-Haul responded to Arizona Family’s inquiry on the delay in settling. The company responded that Schilling’s damaged Land Rover won’t be covered under its Liability Protection Plan because protection does not apply to intentional torts or criminal acts.

A U-Haul spokesman wrote in an email that the rental equipment was being used to commit a crime. Homes were burglarized in the neighborhood, stolen property was found inside the truck, and the lessee was identified leaving the scene.

Joshua Stine, 38, was later identified as the man driving the U-Haul, and police records date back 20 years with him involved in other incidents.

Schilling said he will try to purchase a new vehicle and is currently borrowing a car to get around.

“We’re just relying on friends for commuting and going to the grocery store and stuff,” he said.

There is a risk when car owners only have liability insurance instead of full coverage, according to insurance representatives. Insurance premiums are normally slightly lower, but there are risks in situations like this.

Copyright 2022 KPHO via Gray Media Group, Inc. All rights reserved.

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Glendale man finds U-Haul truck on top of his SUV, insurance won’t pay for damages

Glendale man finds U-Haul truck on top of his SUV, insurance won't pay for damages


GLENDALE, AZ (3TV/CBS 5) — Back on New Year’s Day, McClain Schilling found his 2005 Land Rover parked outside his house demolished by a rented U-Haul pickup truck on top of it. “When someone says there’s a U-Haul on top of your car, how do you process that?” 3 On Your Side’s Gary Harper asked. “Well, I just came out to see for myself.”

McClain says before the crash, his vehicle was great to drive. “It was super smooth and very quiet ride,” he said. But not anymore as pictures he showed his Land Rover demolished by the rented U-Haul. Allegedly, the U-Haul driver fled from the scene. Since McClain only had liability insurance, he filed a claim with U-Haul, believing they would cover his totaled SUV. After all, he wasn’t even driving.

Investigators from U-Haul’s insurance company eventually inspected McClain’s damaged vehicle and said they’d get back to him. But that was three months ago, and McClain says his claim keeps getting delayed by adjusters.” One month later, I get an email that says, ‘Hey, do you have a copy of the police report?’ And we’re like, we already gave it to you along with all the other information,” McClain explained.

Frustrated, McClain contacted 3 On Your Side for some help. “We’re at a loss. We don’t know what to do. My wife’s grandparents from day one have been saying call 3 On Your Side,” he said.

Well, I got a hold of U-Haul and asked about the delay in settling the claim. Their insurance company responded by announcing a decision McClain was not expecting. U-Haul tells 3 On Your Side that McClain’s damaged Land Rover won’t be covered under its Liability Protection Plan “because protection does not apply to any intentional torts or criminal act,” according to the plan.

In this email, a U-Haul spokesman tells me “…the rental equipment was being used in the commission of a crime, burglarizing homes in the neighborhood. Stolen property was found inside the pickup truck, and the lessee was identified leaving the scene.”

And here’s the alleged troublemaker: 38-year-old Joshua Stine, and he’s got a rap sheet that dates back 20 years.

McClain’s stuck with an eyesore that he and his neighbors are tired of looking at. He’ll try to purchase a new vehicle, but it won’t be easy. In the meantime, he has to borrow a car to get around. “We’re just relying on friends just for commuting and going to the grocery store and stuff,” he said.

There is always a risk when you only have liability insurance instead of full coverage. Yes, your premiums are slightly lower, but there are risks like you just saw.

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Keller Williams Partners With bolt to Scale Insurance Services

Keller Williams Partners With bolt to Scale Insurance Services


AUSTIN, Texas–(BUSINESS WIRE)–Keller Williams (‘KW’), the world’s largest real estate technology franchise by agent count, has entered into a strategic partnership with bolt, a leading property and casualty (P&C) insurance exchange.

Keller Covered1an insurance marketplace for KW agents and consumers, will use bolt’s SaaS-based insurance exchange to expand distribution, create new products, and offer more choices while improving efficiencies and further honing a best-in-class customer experience.

“We’re excited to partner with bolt as we continue to rapidly scale Keller Covered into a leading national insurance agency,” said David Smith, president of Keller Home Financial Services. “Together with bolt, we will significantly improve the quantity and quality of our insurance products and services and significantly expand on the personalized service and support we offer our KW agents and consumers.”

Transforming the way insurance is bought and sold, bolt is the world’s largest exchange of P&C insurance products on a single platform, including two-thirds of the leading US-based insurance carriers.

“We’re happy to be a partner for Keller Covered as they continue to expand insurance offerings for their customers,” said Jim Dwane, chief executive officer, bolt. “Our ability to provide a virtual agency experience for partners outside of the traditional P&C insurance industry is what sets bolt apart.”

More information on the benefits of the new partnership is available upon request.

About Keller Williams

Austin, Texas-based Keller Williams (KW), the world’s largest real estate technology franchise by agent count, has more than 1,100 offices and 200,000 associates. The franchise is also No. 1 in units and sales volume in the United States.

KW is in the process of forming kwx, an integrated home experience company. kwx will be composed of Keller Williams Realty Inc., Keller Williams Worldwide and Keller Home Financial Services, consisting of Keller Mortgage, Keller Offers, Keller Covered, Keller Title and The Partnership Platform.

Since 1983, the company has cultivated an agent-centric, technology-driven and education-based culture that rewards agents as stakeholders. For more information, visit kwx.kw.com.

About bolt

bolt is the leading digital distribution platform provider for the P&C insurance industry, uniting distributors and providers on a single platform to transform the way insurance is bought and sold.

The result is the world’s largest marketplace of insurance products, including two-thirds of America’s leading carriers, helping industry participants expand market reach and improve customer satisfaction.

For more information, visit boltinsurance.com.

1 Insurance, Ltd (DBA Keller Covered) (TX Lic. No. 2756525) is a sub-producer of Business Owners Liability Team LLC (DBA BOLT Insurance Agency) (TX Lic. No. 1617771 / CA Lic. No. 0G93017). Insurance plan quotes shown on the Keller Covered website are furnished by the individual insurance companies and are subject to change without notice. Both Keller Covered and BOLT Insurance Agency receive compensation based on the premiums for the insurance policies sold. KW Insurance, Ltd and Business Owners Liability Team LLC are each licensed as an insurance producer and authorized to offer and sell insurance (directly and indirectly). A list of active licenses for Keller Covered can be found here.



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CFO of Wilton insurance firm gets jail for $33M scheme

CFO of Wilton insurance firm gets jail for $33M scheme


WILTON — The chief financial officer of a Connecticut insurance firm was sentenced in a $33 million scheme to steal client health care funds, according to prosecutors in New York.

Erin Verespy, 50, of Trumbull, was sentenced to 66 months in prison Monday for her participation in a widespread scheme to misappropriate funds and defraud multiple lenders through her role as the CFO of Employee Benefit Solutions, an insurance firm in Wilton, officials said.

She was also sentenced to five years of supervised release following her prison term. The court ordered her to pay $16,053,508.19 in restitution and to forfeit $1,066,038.02, officials said.


Verespy previously pleaded guilty on April 14, 2021, to conspiracy to commit wire fraud and bank fraud before Judge Cathy Seibel, who also imposed the sentence on Monday.

Damian Williams, US Attorney for the Southern District of New York, said that Verespy helped manage the scheme for nearly two years. Williams said those involved with the scheme stole millions of dollars of client health care funds, at times utilizing fake and inflated invoices.

Court records show that from July 2017 through 2019, Verespy was the chief financial officer of EBS, which offered clients a variety of health care insurance-related services.

Prosecutors said among the services provided by EBS was third-party health care administration claims services for individuals that opted to self-insure their employee health care plans. The company would administer, process and pay health care claims for clients’ employees in exchange for an administrative fee.

From at least 2015 through 2019, EBS represented an automobile dealership chain headquartered in Westchester County, NY Prosecutors said during that time, EBS served as an administrator that company’s self-funded employee health care program. EBS generated bi-monthly invoices for the company that listed all employee health care expenses from providers during that time. The company would fund the invoices, expecting EBS to pay the claims to the health care providers, prosecutors said.



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Homeowner’s insurance rates continue to rise in Florida

Photo: Asher Wildman


SEMINOLE COUNTY, Fla. – Many Floridians are now realizing when either shopping for homeowners insurance, or their new rates from their current provider come rolling in, the rates are up.


What You Need To Know

  • Home Insurance Policies on average are up 30-40% this year
  • Governor DeSantis says relief to homeowners is likely a year away
  • Insurance policies are up over 100% from five years ago

A big reason for those increases – new roofs.

Tucked away under tall oaks in Seminole County is Marcos Robles’ home.

He admits when a nasty storm comes through, he gets anxious with the amount of tall oaks near the proximity of his home.

His family has had their home for over 20 years. Last year, Robles says their home insurance policy was about $1500. This year he says it is going up $1,000.

“Angry and disappointed,” Robles says in his backyard. “Everything keeps going up, up, up. Then this, it’s something that is disappointing.”

Robles isn’t alone. According to the National Association of Insurance Commissioners from 2014 to 2018, the average homeowner’s insurance policy in Florida was a little under $2,000. According to Insurance.com, Florida now ranks third in the country, with the highest average homeowner’s insurance policy at $3,643.


“Right now we are seeing some massive rate increases, just based off of previous losses in the state,” Andrew Ray an Executive Sales Agent for Blanchard Insurance explains. “Specifically, we are seeing a lot of hail damage.”

Hail damage is what got Robles a new roof in 2020. He says a roofer came to his house, and asked if they could examine his roof. Then he says, they submitted a claim after a previous roofer said his roof was fine. He admits to paying about $500 for a new roof, but says the hike increase for now is fine.

“You know how expensive those roofs are?” Robles asks rhetorically. “If you take account of it and say, well, we came out ahead.”

Insurance carriers, however, are not.

“With the total carriers that there are in the state of Florida, they lost $1.2 billion in the last quarter of last year,” Ray reports.


Much of the losses now being passed on to Florida homeowners.

And as the year continues to roll on in Florida, homeowners are finding that out, or risk of being uninsured.

Andrew Ray at Blanchard Insurance also states the average home insurance policy from last year to this year is increasing about 30-40%. In the past five years, it has increased by over 100%.

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Keller Williams partners with bolt to scale insurance services

Keller Williams partners with bolt to scale insurance services


real estate franchise brokerage Keller Williams has entered into a strategic partnership with property and casualty insurance exchange bolt.

Keller Covered is the brokerage’s homeowners’ insurance marketplace for KW agents and clients. On the platform, users can compare insurance quotes from over 25 insurance carriers including Lemonade, MetLife, Liberty Mutual, hippo, Nationwide, Safeco, travelers and Encompass. Through this new partnership, Keller Covered will now use bolt’s SaaS-based insurance exchange in order to expand distribution, create new products, and offer more choices.

Bolt claims to have the largest exchange of property and casualty insurance products on a single, virtual platform, one that includes two-thirds of the leading US-based insurance carriers.

Due to inflation, inclement weather and supply chain issues, homeowners insurance is on the rise. According to S&P Global Market Intelligence, premiums are up between 3% and 30% for US homeowners. The average annual premium for homeowners insurance has increased by nearly 12% since 2018 to $1,398 in 2021, according to the Insurance Information Institute.

In 2021, Keller Williams Worldwidesaw a 30.6% increase in sales volume for transactions completed in the US and Canada, for a total sales volume of $532.2 billion, according to self-reported figures by the brokerage.

Keller Williams was ranked 11th by transaction sides and 13th in sales volume in 2021, according to the Real Trends 500 rankings. However, the brokerage led the list of the top 50 one-year movers by percentage transaction side.

Santa Monica-based Keller Williams — Cunningham Group saw a 136% increase in sides between 2020 and 2021. Top movers is a ranking of the 50 firms in the RealTrends 500 that had the largest percentage increase in closed sides or largest percentage in sales volume between 2020 to 2021.



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Solved! Does Renters Insurance Cover Bed Bugs?

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Photo: depositphotos.com

Q: I recently moved into my first apartment, and my friends warned me to watch out for bed bugs. They told me that bed bugs can be a nuisance to get rid of and the costs to get rid of them can add up quickly. I have a renters insurance policy, but I’m not clear on what it covers. Does renters insurance cover bed bugs?

AT: The answer to your question “Does renters insurance cover bed bugs?” is generally no. Both renters and homeowners insurance companies consider bed bugs to be a preventable problem through basic hygiene practices, such as using a protective bed bug cover on mattresses, checking used furniture, and regularly vacuuming and decluttering. However, there are cases where your landlord might be legally obligated to take care of a bed bug situation. You may also be able to opt for additional policies or add-ons to your renters insurance coverage that might cover bed bugs. Read on to learn about whether renters insurance covers bed bugs in any circumstances and what kinds of additional coverage you can purchase that may help.

Renters insurance generally does not cover bed bugs because they’re considered preventable.

Basic renters and homeowners insurance policies offer coverage for certain incidents, also called perils. Insurance works by providing coverage in the event of certain losses, including theft, windstorms and hail, fire and smoke, vandalism, falling objects, and burst pipes. For example, if a tree fell onto a home’s roof during a windstorm and damaged the roof and contents inside the home, this would be a covered incident. Similarly, if a lightning strike caused a home to catch fire, this would be covered under a homeowners insurance policy. However, if the house’s roof was old and not properly maintained and a storm caused damage to the shingles, the insurer may deny a claim because the homeowner neglected the roof and left it more vulnerable to damage during a storm.

Like a neglected roof, bed bug infestations are generally considered preventable by most insurers and are typically not covered. There are many ways to prevent bed bugs, which you can read more about below. Just for starters, the number one way to prevent bed bugs is to be careful about the lodging you choose while on vacation. Research the hotel chain to see if it’s had bed bug problems in the past.

There are some circumstances where landlords may be required to pay for bed bug extermination.

How much does it cost to get rid of bed bugs, or how much does it cost to treat bed bugs? And how much is an exterminator for bed bugs? The cost to get rid of bed bugs can total millions to thousands of dollars. The good news is that some state laws require the landlord to take responsibility for the cost of exterminating bed bugs, as well as potentially for repairing or replacing any damaged items. Considering bed bug exterminator cost, that can be a relief. For instance, according to the EPA, Arizona state law prohibits a landlord from knowingly renting a unit with a bed bug infestation and also requires the landlord to provide bed bug educational materials to renters. That means if a unit is found to have an infestation, it’s in the landlord’s best interest to take care of extermination.

Similarly, Florida state law requires landlords to take all reasonable steps to exterminate bed bugs found within their rental property. And New Hampshire prohibits a landlord from renting a unit if there is a bed bug infestation and they are not conducting regular inspections and implementing a remediation program. Many other states have similar laws that hold landlords accountable for keeping bed bugs out of the premises, as well as requiring them to take preventive measures. Landlords may also be required to provide bed bug extermination if the bed bugs were present before the tenant moved in or if those bed bugs were found in a common area.

Renters can check their state laws and their rental contract to see what their rights are in relation to bed bugs. If the remediation falls to the landlord, that can go a long way in offering bed bug protection either as prevention or treatment if there is an infestation. Otherwise, renters can hire one of the best pest control companies to take care of exterminating the bed bugs.

does renters insurance cover bed bugs

Photo: depositphotos.com

The best defense against bed bugs is prevention.

A renters insurance policy that includes an endorsement for bed bugs in addition to state laws holding landlords accountable can help renters who find themselves with a bed bug infestation, but it’s still a highly undesirable situation to be in. Going through the extermination process might mean finding temporary housing, and an infestation could lead to damage of irreplaceable items, like an heirloom quilt. Not to mention, bed bugs can cause that telltale itching, which can lead to an infection and add medical bills to the overall cost of the infestation. Therefore, renters should take preventive measures to help decrease the chance of a bed bug infestation in the first place.

Prevention doesn’t need to be difficult or expensive. The EPA offers some simple tips for keeping bed bugs out of people’s lives, including investing in protective mattress bed bug covers, checking used furniture, and vacuuming regularly. In addition to buying a cover for the mattress, renters might also want to purchase a bed bug cover for the box spring for even more protection against bed bugs. The cover should be free of tears, cover the entire mattress, and sealed with a zipper and reinforced seams to keep bed bugs from sneaking through.

A cluttered home can give bed bugs a place to hide and can even attract them. In order to reduce bed bug hiding places, renters can commit to reducing clutter in their home and vacuuming regularly. If renters use shared laundry facilities, they can transport their laundry to and from the laundry room in a plastic bag and then fold clothing at home rather than on a communal table that may contain bed bugs. Portable heating chambers can also help treat bed bugs if renters are worried an item might have been contaminated.

Although bed bugs aren’t usually covered by renters insurance, getting renters insurance is typically advised for all renters, even if not required by the landlord.

Does renters insurance cover bed bugs? Not usually, but it does typically cover a range of other perils that make it an important consideration for renters. Landlords are generally required to carry insurance that covers damage to the building itself as a result of covered perils, but the renter’s personal property is not covered by this insurance. That’s where renters insurance comes in. Renters insurance covers personal property that is damaged or destroyed by a covered peril such as fire or theft. It also typically provides the renter with liability coverage that can help protect them if a guest is injured while on their property, and loss of use coverage that can help pay for lodging and other expenses if the renter is forced to move out while the apartment or house is undergoing repairs.

does renters insurance cover bed bugs

Photo: depositphotos.com

Renters insurance policies vary from provider to provider, but in general, they cover perils such as windstorms, lightning, fire, smoke, vandalism, explosions, theft, and some types of water damage. Each policy will list the perils that it specifically covers, so it’s important for renters to read the policy carefully to understand what is covered and what is not. If a renter’s possessions are damaged by a covered peril, the policy will pay either actual cash value (the depreciated value of the item or items) or the cost to replace the items at present-day prices after the deductible has been met. Liability coverage can kick in if the renter, a member of the renter’s family living in the household, or a pet causes harm to someone else or their property accidentally or through negligence.



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AM Best Assigns Credit Ratings to Bricktown Specialty Insurance Company

AM Best Assigns Credit Ratings to Bricktown Specialty Insurance Company


OLDWICK, NJ–(BUSINESS WIRE)–AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Bricktown Specialty Insurance Company (BSIC) (Oklahoma City, OK). The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect BSIC’s balance sheet strength, which AM Best assesses as very strong, as well as the its adequate operating performance, neutral business profile and appropriate enterprise risk management.

BSIC is a newly formed subsidiary of Trisura Group Ltd. (Trisura) admitted in Oklahoma, and operates as an excess and surplus lines insurer in all other states. Similar to Trisura’s other subsidiary insurers, BSIC will insure program business primarily, ceding most, but not all, of the exposure to third-party and affiliated reinsurers. The ratings of BSIC also reflect intercompany financial and expense sharing agreements with its ultimate parent, Trisura, and Trisura’s other subsidiary insurers. Additionally, the ratings consider the commonality in management, infrastructure, operational capabilities and systems between the Trisura companies.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and relevant disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2022 by AM Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.



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Realogy closes on title insurance underwriting joint venture for $210M

Realogy closes on title insurance underwriting joint venture for $210M


Madison-based Realogy Holdings Corp. on Tuesday said it closed on the previously announced sale of its title insurance underwriter, Title Resources Guaranty, for $210 million in cash and a 30% equity interest with its joint venture partner, Centerbridge Partners, a private investment management firm.

TRG, which conducts underwriting operations, is being contributed to a new holding company that will be jointly owned by the joint venture. Realogy will retain its title agencies in its Realogy Title Group division, which includes the company’s title, escrow and settlement services business and mortgage origination joint venture.

“As we continue to reimagine and deliver a more integrated real estate transaction, today’s closing enables Realogy to be even more focused on our core business, including critical consumer-facing transaction services in franchise, brokerage, title settlement and escrow, and mortgage,” said Ryan Schneider, Realogy’s CEO and president. “We look forward to working with our joint venture partners to more fully unleash the underwriter’s growth potential as we continue to invest in our strategic priorities and move both Realogy and the industry to what’s next.”





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Aircraft Leasing Firm AerCap Files $3.5B Insurance Claim for Jets Stuck in Russia

Aircraft Leasing Firm AerCap Files $3.5B Insurance Claim for Jets Stuck in Russia


AerCap Holdings NV, the world’s largest aircraft-leasing firm, filed insurance claims totaling about $3.5 billion tied to jets and engines stuck inside Russia that it hasn’t been able to recover since the invasion of Ukraine.

The claims were filed last week, Chief Financial Officer Peter Juhas said on a conference call Wednesday. Their size exceeds the Dublin-based firm’s exposure to potential asset writedowns, signaling a looming battle with insurers over who will shoulder financial losses caused by the war.

“We also plan to pursue all other avenues for the recovery of value of our assets, including other legal claims available to us,” Juhas said after AerCap reported annual results. “However, it is uncertain whether these efforts will be successful. Ultimately, our economic exposure will also be offset by any recoveries that we obtain from insurance or other claims.”

The shares fell 13% in New York ahead of regular US trading.

Counting the Damage

Foreign leasing firms are starting to tally losses from the war, which has stranded hundreds of planes leased to customers in Russia. Sanctions require the owners to cancel contracts and demand the jets’ return, which AerCap said it has done. But Russia’s government has prevented the planes from leaving the country, and the risk is that without access to parts and maintenance, the aircraft will lose their value.

Claims tied to the conflict may eventually total $10 billion, the most in the history of aviation insurance, Fitch Ratings estimated in a report last week. Lloyd’s of London, which dominates the market, disputes that total.

Lloyd’s Chief Executive Officer John Neal told Bloomberg last week that insurers’ liability would be limited to about 10% to 15% of the sum.

Aircraft Recovery

AerCap has about $2.5 billion at risk tied to Russia’s invasion of Ukraine, it said Wednesday, adding that it expects to at least partially write down the value of the assets.

The firm has retrieved 22 of the 135 planes placed with Russian carriers at year-end, it said in an earnings presentation. The removals, along with cash from letters of credit with Russian customers, have reduced its exposure from a carrying value of $3.1 billion at year-end, the company said. Insurance claims and further aircraft recoveries could lower the financial hit.

Aercap will keep trying to secure aircraft held by Russian airlines that used to be its customers, “but it is unclear if we will be able to do so, or what the condition of these assets will be at the time of repossession,” the company said. “We expect to recognize an impairment on our assets in Russia that have not been returned to us as early as the first quarter of 2022, although we have not determined the amount of any impairment.”

Russian Move

Avolon Holdings Ltd., the world’s second-biggest lessor, which currently only has 10 planes in Russia, estimated its balance-sheet exposure was less than $200 million, CEO Domhnal Slattery said in an interview Tuesday.

Russia’s move to transfer almost 800 jets to its own registery has triggered a wave of insurance claims from leasing firms, Bloomberg News reported last week.

Aircraft and engines in Russia at year-end represented about 5% of AerCap’s global fleet by value, it said in the earnings statement, describing potential losses as “manageable.”

Photo credit for top photograph of silhouette of plane on sky: JethuynhCan/Moment RF via Getty Images

Copyright 2022 Bloomberg.

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