AL - Air Lease says Russian law on leased aircraft to help with insurance claims

Air Lease (AL +3.6%) says it is "making good headway" in cutting exposure to Russia and has received "a great deal of cooperation in recovery and return of aircraft," seeking to ease worries that lessors in the country may be unable to repossess aircraft. A new Russian law on leased aircraft passed this week showed the government intends to "confiscate" planes, which would help lessors in claims with insurers, Air Lease Chairman Steven Udvar-Házy said at the J.P. Morgan Industrials Conference, according to Reuters. The new law "helps the insurance question because it demonstrates the intent to confiscate which is, I think, a critical aspect of our war-risk insurance," Udvar-Házy said, adding the company also has "very strong security deposits" on leased aircraft. All of Air Lease's aircraft are with privately-owned carriers in Russia who prefer to continue doing business with western firms, Udvar-Házy also said. It is "within the

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Air Lease says Russian law on leased aircraft to help with insurance claims