Settlement brings claims amount to $801m recovered by the Dubai-based aircraft leasing firm, from its previous estimate of $1.11bn total claims volume.
Dubai Aerospace Enterprise (DAE) has received an additional $282m from its insurers.
The settlement brings total proceeds from its Russia-related insurance claims to about $801m.
Following Western sanctions on Russia after the country’s February 2022 invasion of Ukraine, numerous aircraft lessors have initiated lawsuits against insurers to recover losses from approximately 400 aircraft stranded in Russia.
The lessor said it continues to pursue further claims under its insurance policies.
“With this payment, we have received approximately 72% of our total insurance claims filed by value,” said Firoz Tarapore, DAE’s chief executive.
“We continue to pursue the balance of our claims through ongoing litigation in the UK and through arbitration proceedings in Dubai.
“To date, we have received cash payments under our insurance policies from twelve insurance companies for our claims.
“DAE has now received cash proceeds in respect of its claims under both its aircraft hull and war risk insurance policies.”
The company had previously said its total claims amounted to around $1.11bn.
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