SMBC Aviation Capital has announced the successful settlement of insurance claims, resulting in the receipt of approximately US$710 million (£592 million). This settlement pertains to its aircraft that were previously leased to Aeroflot.
The funds represent the resolution of insurance claims filed by SMBC Aviation Capital under Aeroflot's insurance and reinsurance policies, covering a total of sixteen aircraft and their associated engines. Furthermore, an additional insurance settlement has been reached for one aircraft and its associated engines, which were managed by SMBC Aviation Capital.
It's worth noting that these insurance settlements, including the receipt of proceeds from Limited Liability Company “Insurance Company NSK,” a Russian insurance entity, have been executed in strict adherence to all relevant laws, sanctions and regulations. These transactions have received the necessary approvals from the U.S. Department of Commerce and the U.S. Department of the Treasury.
While celebrating this successful insurance settlement, the company remains committed to pursuing litigation in the Irish courts under its own insurance policies. Additionally, the company will persist in its efforts to mitigate losses associated with aircraft previously leased to other Russian airlines.
Based in the IFSC in Dublin Ireland, SMBC Aviation Capital is the second-largest aircraft operating lease company globally by number of aircraft, with an owned, managed and committed fleet of just under 900 aircraft. The company focuses on the most-technologically advanced, fuel efficient and narrow-body aircraft types. Established in 2001, the company was acquired in 2012 by a consortium comprised of two of Japan's biggest companies SMFG and Sumitomo Corporation.
