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Avolon, BOC took combined hit of over $1 bln over jets

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Lessors suing dozens of insurers around the world

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BOC to continue separate claim in London's High Court

(Adds BOC settlement)

By Padraic Halpin

DUBLIN, Feb 7 (Reuters) - Avolon and BOC Aviation ( BCVVF )

, two of the world's largest aircraft lessors, have

settled lawsuits in the Irish courts against insurers over jets

stranded in Russia following Western sanctions in 2022, they

said on Friday.

Lessors are suing dozens of insurers around the world over

losses of at least $8 billion after more than 400 planes were

stranded in Russia following the sanctions over Moscow's war in

Ukraine that forced the termination of their leases.

Avolon and BOC said they had reached commercial resolutions

with their insurers in the Irish case and discontinued their

proceedings, declining to disclose details of the settlement for

commercial reasons.

Singapore-based BOC said it would continue to pursue a

separate claim against insurers in London's High Court, where

another 'mega-trial' began last year.

Dublin-based Avolon recorded an impairment of $304 million

in 2022 to cover the full financial impact of having 10 of its

1,000-plus fleet stuck in Russia. BOC took a write-down of $804

million in the same year relating to 17 aircraft.

The two lessors' Irish action was against more than a dozen

insurers including Lloyd's of London, Chubb and Fidelis.

The Irish High Court trial, which began last June and is due

to continue on Friday, concerns around 2.5 billion euros ($2.6

billion) of insurance claims.

The Irish Times, which first reported Avolon's settlement,

said it understood that other settlements had been reached.

Spokespeople for SMBC Aviation Capital, CDB Aviation, Nordic

Aviation Capital and Hermes Aircraft - the four other lessors

pursuing claims in Ireland - did not immediately respond to a

request for comment.

Since launching the lawsuits, some of which are also due to

be heard in the United States, lessors have disclosed

settlements with Russia totalling more than $2.5 billion for

more than 100 jets, with ownership transferred to Russian

airlines.

The trial in Ireland, where more than 60% of the world's

leased aircraft are owned or managed, is the largest ever heard

in the country by number of lawyers.

($1 = 0.9622 euros)