AerCap Holdings N.V. announced that a U.K. Commercial Court ruling has confirmed its entitlement to approximately $1 bn in insurance recoveries tied to aircraft and engines stranded in Russia after the February 2022 invasion of Ukraine.
The decision relates to AerCap Ireland Ltd.’s war and allied perils coverage under a contingent and possessed insurance policy.
The ruling requires insurers, including Fidelis Insurance Holdings Ltd., to pay the indemnity by July 2, 2025. Fidelis expressed disagreement with the outcome and is considering an appeal, stating in a U.S. SEC filing that it will review all available options.
The payment will contribute to AerCap’s broader recovery effort, which began after the company took a $2.7 bn pretax net charge in 2022.
That charge reflected full write-offs of assets stranded in Russia and Ukraine and impairments on partially recovered assets. AerCap has already recovered $1.3 bn in 2023 and $195 mn in 2024.
With the new award, total pretax recoveries related to the conflict will reach around $2.5 bn.
AerCap confirmed that the court deferred decisions on interest and legal costs to a separate hearing scheduled for September 2025.
Meanwhile, litigation continues in the Commercial Court involving insurance and reinsurance claims against Russian airlines’ policies.
AerCap said it intends to continue aggressively pursuing those claims, but the scale and timing of additional recoveries remain uncertain.
Fidelis stated that approximately 95% of its exposure to lessor policy claims under litigation is now resolved, following the judgment.
The company said the final financial impact of the court decision is expected to align with its previously disclosed estimate of up to $150 mn, as outlined in a May 15 SEC filing.
Despite the ruling, Fidelis said it maintains a strong balance sheet and remains focused on growth and capital management.
