Some $10 billion worth of foreign-owned jets that were leased to Russian carriers are stuck in the country.
Avolon, which is based in Dublin, had 14 planes placed in Russia and has recovered four of them. It now has net exposure of about $200 million, Slattery said. He liked it to a "headache, not a migraine" for the firm, which had more than 800 planes as of the end of last year.
"It will be a very, very long time if ever that we would have appetite for incremental exposure" in Russia again, Slattery said. Rented planes are key for Russia's fleet of more than 970 planes with about 500 managed by a foreign owner, according to aviation data and consulting firm Cirium. Slattery said the crisis in Russia will impact the insurance market, particularly driving up costs for war risks.
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