AerCap receives Q1 insurance settlement for aircraft total loss
Peter Juhas, AerCap's chief financial officer, told analysts on an earnings call that the insurance proceeds were received alongside payouts related to an airline bankruptcy claim.
The combined impact of both of those on AerCap's first-quarter other income was around $30m, he said. Juhas did not disclose the cause of the total loss of the aircraft.
AerCap, the world's largest aircraft lessor, disclosed in February that it recognised $168m in insurance settlements during the fourth quarter of 2024 relating to aircraft seized as a result of the war in Ukraine.
The fourth-quarter settlement took AerCap's total insurance and other recoveries related to the Ukraine conflict to $195m in 2024.
AerCap is currently pursuing London market reinsurers in the UK's High Court for $2.1 billion under its AIG-led hull all-risks policy. It has an alternative claim for £1.2 billion on its Atrium-led contingent war placement.
While settlement talks were ordered by the court last year, the case went to trial in October and concluded in early February. A judgment is expected in late 2025.
The lessor is separately pursuing claims worth a further $1.8 billion in the aggregate from international markets. These claims refer to so-called operator policies, which were taken out by airlines and carriers with domestic insurers and reinsured in the London market.
AerCap has received a number of settlements from insurers in relation to jets stranded as result of Russia's invasion of Ukraine. This includes the $23m recovered in H1 2024 relating to a Boeing 777-300ER retrieved from Ukraine.
AerCap became the first international lessor to publicly disclose an insurance settlement with insurers and airlines when it received a $645m payout from NSK in September 2023 to cover the loss of 17 aircraft previously on lease to Russian flag carrier Aeroflot.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
4 hours ago
- Irish Times
Search-and-rescue hangar approved for Weston Airport
Weston Airport, part-owned by Stripe co-founder Patrick Collison , has been granted permission to build a new search-and-rescue (SAR) hangar. Following an appeal, including objections from locals, An Bord Pleanála ratified the local council's decision to grant permission for the new infrastructure despite a recommendation from their inspector to reject the planning. The proposed hangar will serve to house the Bristow-operated Dublin search and rescue team, which has been relocated to Weston Airport from Dublin Airport. Hugh Dooley has the details. A €9.4 billion tax and spending package will form the foundation of the upcoming budget , the Government said on Tuesday in the Summer Economic Statement (SES). READ MORE Still, the Coalition warned it may have to 'recalibrate' its strategy, reducing the size of the overall package, if there is a 'deterioration in the tariff landscape' over the coming months. Budget 2026 will include additional spending of €7.9 billion – an increase of 7.3 per cent annually, and well above the Government's 5 per cent spending rule – and tax cuts amounting to €1.5 billion, writes Ian Curran. David McWilliams on how 'big incentives' to build could save Dublin city Listen | 36:51 The big questions arising from the Summer Economic Statement will, however, be about spending, writes Cliff Taylor in his analysis. Restoring control on day-to-day spending will be a big challenge. And if the budget numbers tighten, then the State will face the choice of borrowing to finance its increased investment plans. In the middle of all this is the commitment to billions into two funds each year, to help pay future bills. Reliance, the Cork-headquartered engineering and robotics component distributor where former táinaste Simon Coveney was appointed as a non-executive director earlier this year, reported revenues of close €20 million last year as domestic sales jumped 14 per cent. Accounts filed recently for the Reliance Bearing and Gear Company, which celebrates a century in business this year, reveal turnover climbed by more than 11 per cent to just under €19.6 million in 2024, Ian Curran reports. Some first-time buyers are getting their mortgage wrong, and it's costing them. Stiff competition for homes means being laser focused on getting a loan offer, and fast. However, getting the wrong mortgage could leave you in the wrong house, in the wrong location and on the hook for more debt than necessary. Your mortgage is going to shape your finances for decades to come, so here are the top 10 things you need to get right, writes Joanne Hunt. The correct, writes John McManus in his weekly column, but pretty much politically impossible thing to do about the housing crisis is to level with the electorate and say that fixing the problem is going to take far longer than anyone is prepared to admit. And that it will probably never be fixed if the definition of fixed is that we achieve European levels of housing provision. AIB has moved to require staff eligible for hybrid working to return to its branches and offices three days a week on a phased basis, introducing the tightest rules among Irish retail banks. The new regime will take full effect from the start of 2026, a spokesman said. AIB had more than 10,400 employees at the end of last year. Joe Brennan reports. If you'd like to read more about the issues that affect your finances try signing up to On the Money , the weekly newsletter from our personal finance team, which will be issued every Friday to Irish Times subscribers.
Irish Independent
4 hours ago
- Irish Independent
Ep 1- John Magnier's bitter land row and the €15m handshake deal
Today, the future of the 750-acre property is the subject of a trial that has seen a bitter land dispute play out before the High Court. John Magnier, the bloodstock billionaire, and two of his children, are seeking to enforce a handshake deal agreed between Mr Magnier and Richard Thomson-Moore to buy Barne Estate. Mr Magnier contends that the €15m deal agreed in his Coolmore home in Tipperary on August 22, 2023 with Mr Thomson-Moore is binding. He argues that a later €22.5m deal Mr Thomson-Moore and his family trust agreed with Maurice Regan, the US-based Kerry building tycoon, is 'unlawful'. Today on The Indo Daily, in the first of a two-part special, Fionnán Sheahan is joined by Mark Tighe, journalist with the Sunday Independent, to discuss one of the most dramatic and colourful cases to hit the Irish courts in recent memory.
Irish Times
5 hours ago
- Irish Times
Big spending package advanced despite warnings on numbers becoming tighter
The summer economic statement is normally the Government's key piece of communication before the budget. But this year's comes with a serious health warning. The numbers may be revised, we are told, if the economy is hit by further tariffs. And the tariffs in place already and the Government's budget plans mean that the surplus next year will be 'considerably smaller' than the €6.3 billion anticipated in the forecasts published during the spring. The numbers, in other words, are getting tighter. In this context, it is notable that the Minister for Finance Paschal Donohoe and Minister for Public Expenditure Jack Chambers , put forward a planned budget package of a still relatively generous €9.4 billion, including a tax package of €1.5 billion. Spending growth is pencilled in at 7.3 per cent, with a 6.4 per cent rise in day-to-day spending. This may be a reduction from the average of 9.4 per cent-plus seen on average since 2019, but it remains well in advance of inflation. READ MORE Current spending is due to rise by 6.4 per cent next year. In recent years there have been regular overruns and this will be the case again in 2025. Importantly, the Ministers warned that the figures will have to be revised if the tariff situation worsens, as it may well do. So we will have to wait and see what level of tax revenue growth is anticipated next year and what budget surplus the Department of Finance anticipates. [ Tax and spending package of €9.4bn to form basis of Budget 2026 Opens in new window ] This is what will determine whether the budget numbers need to be adjusted – and if so, by how much. In recent years, the basic package has also been extended significantly on budget day by a cost-of-living package, including once-off measures. We are told this will not feature this year, probably. Battles may still lie ahead here. David McWilliams on how 'big incentives' to build could save Dublin city Listen | 36:51 If there is a need to adjust the figures, we are told that protecting capital investment and the large €102 billion five-year programme outlined in the revised National Development Plan will be the priority. Large cuts to State investment during the austerity years after the financial crash have cost the Republic dear. That said, if there is a need to revise the figures, there will surely be tensions. As things stand, some €850 million of the €1.5 billion tax package will be eaten up by the promised cut in the hospitality VAT rate. This will leave small pickings for income tax cuts, unless revenue is raised elsewhere. Applying the VAT cut to just food-based firms, while administratively difficult, would save some of the cash. But political difficulties loom here. [ NDP: €275bn spend over next 10 years, with housing receiving biggest boost Opens in new window ] The big questions will, however, be about expenditure. Restoring control over day-to-day spending will be a big challenge. And if the budget numbers tighten, then the State will face the choice of borrowing to finance its increased investment plans. In the middle of all this is the commitment to billions into two funds each year, to help pay future bills. We still have to see how the Department of Finance sees all this fitting together. The summer economic statement, bar its indications of the budget day package, did not take us much further, except for a warning that if a trade war erupts, then all bets are off.
