Dubai Aerospace Enterprise (DAE) Ltd recently received approximately US$118 million as cash insurance settlement proceeds related to seven aircraft and engines previously leased to Aeroflot – Russian Airlines. The settlement, obtained from Russian insurance company Insurance Company NSK, was obtained while complying with all sanctions regulations.
Upon receiving this settlement, each DAE-affiliated entity involved in the Aeroflot leases has waived its claims against NSK, Aeroflot, and their international reinsurers concerning these specific aircraft and engines.
Negotiations for insurance settlements concerning DAE’s claims with other Russian airlines are ongoing, though uncertain whether they will yield settlements or the receipt of proceeds. There are uncertainties regarding necessary approvals and funding for these potential settlements.
DAE plans to pursue litigation in English courts under its insurance policies. Additionally, efforts continue to minimise losses related to aircraft previously leased to other Russian airlines.
[…] Aeroflot A330 © Sergey Kustov on wikimediaDubai Aerospace Enterprise (DAE) Ltd recently received approximately US$118 million as cash insurance settlement proceeds related to seven aircraft and engines previously leased to Aeroflot – Russian Airlines. The settlement, obtained from Russian insurance company Insurance Company NSK, was obtained while complying with all sanctions regulations.Upon receiving this settlement, each DAE-affiliated entity involved in the Aeroflot leases has waived… Read More… […]
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