Aircraft lessor AerCap takes next $572m settlement for Russian aircraft
Aircraft lessor AerCap received its second major insurance payment on aircraft lost following the Russian invasion of Ukraine, taking $572 million in cash as full settlement of 47 aircraft and 5 spare engines on lease to two Russian airlines.
Settlement from Russian insurer NSK covers 18 aircraft and one spare engine on lease to Ural Airlines and 29 aircraft and four spare engines on lease to Siberia Airlines.
AerCap proceeded to drop its claim against NSK for the assets in question. A separate $836 million claim against AerCap’s “All Risks” insurers under contingent and possessed insurance policies on the same assets will be amended to reflect the recoveries, AerCap said.
Negotiations continue for other recoveries to Siberia and other Russian airlines, AerCAp noted, but “it is uncertain whether any of these discussions will result in any insurance settlement.”
AerCap secured what appeared to have been the industry’s first major insurance settlement on aircraft lost when Russia appropriated foreign leased aircraft after the imposition of sanctions.
AerCap said early September it had received $645 million in cash from the same Russian insurer for assets on lease to Russian airline Aeroflot. AerCap said at the time that the payment had cut its total outstanding claim on aircraft and engines lost after the Russian invasion of Ukraine to $2.75 billion.
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