(The Insurer) – Aircraft lessor Dubai Aerospace Enterprise (DAE) has revealed that it has received cash proceeds totalling approximately $201mn over the past three months from settlements with selected insurance companies over aircraft previously on lease to airline carriers in Russia.
Having received the cash proceeds, DAE and its relevant affiliated entities have since released their claims against the unnamed (re)insurance companies.
To date, DAE has received cumulative cash proceeds of $319mn, including a settlement in 2023 with certain parties in respect to seven aircraft.
DAE said it will “continue to actively pursue its litigation in the English courts under its own insurance policies”, as well as seeking to mitigate its losses in respect of its aircraft that were previously leased to Russian airlines.
In December last year, this publication reported that DAE had agreed an insurance settlement of $118mn with Russian flag carrier Aeroflot over claims related to a number of aircraft on lease to the airline that were seized following the invasion of Ukraine.
The Insurer previously reported that DAE had already written off over half a billion dollars for a further 19 aircraft stranded in Russia.
In October this year, DAE secured a settlement with Axa over 19 jets retained in Russia since the 2022 invasion of Ukraine. The deal was struck ahead of the London High Court “mega trial”, a fast-tracked case concerning claims related to almost 150 aircraft and some engines leased by DAE, AerCap, Merx Aviation, KDAC Aviation Finance and Falcon to Russian airlines.
This publication revealed in late November that the bellwether trial had been forced to adjourn, further delaying the industry’s search for much-needed clarity on Russia-Ukraine exposures
