REYKJAVIK, ICELAND — Iceland's flag carrier Icelandair has secured a new insurance-backed financing deal for two of its fully-owned Boeing 737 MAX 8 planes.

The single-aisle jets were bought with the airline's own funds in the fall of 2022, and the deal, worth approximately USD 67 million, is expected to close by the end of January 2023. The agreement was struck with Itasca Re and NORD/LB of Hanover.

Bogi Nils Bogason, Icelandair's President and CEO, expressed his excitement about the airline's partnership with NORD/LB and Itasca Re for this significant financing arrangement. He stated that the favorable terms of the agreement showcase the confidence financiers have in the value of the 737 MAX planes and the stability of Icelandair's proven business model.