Air Lease (AL) said Monday it has received cash insurance settlement proceeds totaling $328.5 million under settlement agreements with certain insurers in connection with its aircraft detained in Russia.

The agreements were entered into during Q1, and the company's litigation against a majority of the insurers remains ongoing, Air Lease said in a regulatory filing.

The company said the $328.5 million proceeds will be recorded as an insurance recovery in its Q1 financial statements.

Including those proceeds, the company has so far recovered a total of $424.3 million against its initial $791.0 million write-off of its interests in owned jets detained in Russia taken in Q1 of 2022, Air Lease said.

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