By Ryan Hewlett

April 23 - (The Insurer) - Aircraft lessor Dubai Aerospace Enterprise said on Wednesday that it recently received cash proceeds totalling approximately $282 million from settlements with selected insurance companies over aircraft previously on lease to airlines in Russia.

The lessor disclosed in a statement that its relevant affiliated entities have released their claims against these insurance and reinsurance companies.

DAE has now received cumulative cash proceeds of $601 million including settlements announced in 2023 and 2024 with various parties.

In December last year, this publication reported that DAE had secured $201 million from insurers. This came shortly after DAE was revealed to have reached 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 aircraft and engines leased to Russian airlines by DAE, AerCap, Merx Aviation, KDAC Aviation Finance and Falcon.

The London lawsuit centres on claims related to almost 150 jets, along with some engines, that were originally valued at up to around $4.7 billion. But some settlements with Russia – albeit at prices below the insured value – have reduced the value to nearer $3.0 billion.

DAE, alongside its fellow lessors, is seeking compensation under "contingent and possessed" policies that can provide cover under a broad, all-risks clause for loss or damage to aircraft or under a more specific war-risks clause.

In December 2023, the lessor disclosed it had agreed an insurance settlement of $118 million 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.

DAE said in the statement that it will continue to “actively pursue” its litigation in the English courts with international insurers.

“DAE will also continue its efforts to seek to mitigate its losses in respect of its aircraft that were previously leased to airline carriers in the Russian Federation,” the lessor said.