DAE receives $118 million cash insurance settlement for aircraft previously on lease to Aeroflot

Dubai Aerospace Enterprise (DAE) has received a cash insurance settlement with proceeds totalling approximately $118 million in respect of aircraft previously on lease to Aeroflot. This represents a settlement of DAE’s insurance claims relating to seven aircraft and associated engines previously on lease to the Russian carrier. The insurance agreement, settled with Russian insurance company Insurance Company NSK, was carried out in full compliance with all applicable sanctions regimes, notes DAE. Upon receipt of the insurance settlement proceeds, each DAE affiliated entity involved in the leases has released its claims against NSK, Aeroflot and their international reinsurers with respect to