Dubai Aerospace Enterprise (DAE), which continues to pursue litigation against its own insurers in UK courts, has received approximately US$118 million in cash insurance settlement proceeds from Aeroflot’s insurer NSK.
In a release, DAE said: “The amount represents a settlement of DAE’s insurance claims under Aeroflot’s insurance and reinsurance policies relating to seven aircraft and associated engines.” The aircraft were on lease to Aeroflot when they got stranded as a result of Russia’s invasion of Ukraine.
With the settlement, DAE is releasing its claims against Aeroflot and its insurer and reinsurers. It was noted, though, that insurance settlement discussions are still ongoing with respect to DAE’s claims against other Russian carriers.
As previously reported, 19 planes of the aircraft lessor had been stuck in Russia.
Meanwhile the company declared: “DAE will continue to actively pursue its litigation in the English courts under its own insurance policies. DAE will also continue its efforts to seek to mitigate its losses in respect of its aircraft that were previously leased to other Russian airlines.”
According to DAE’s High Court lawsuit in London, the company is insured by Lloyd’s, Abu Dhabi National Insurance Company, AIG, AXIS Specialty Europe, Chubb, Fidelis Insurance Ireland, Global Aerospace Underwriting Managers, Great Lakes Insurance, HDI Global Specialty, Starr Europe Insurance, and Swiss Re.
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