Finance InsurTech News

Castlelake Establishes Reinsurer to Provide Insurance Financing Solutions to Aircraft Asset Buyers

Castlelake Establishes Reinsurer to Provide Insurance Financing Solutions to Aircraft Asset Buyers

Castlelake, L.P., a global alternative investment manager specializing in asset-backed private credit with 17 years of experience investing in, financing and managing aviation assets, announced the creation of a Bermuda-licensed reinsurance company, Itasca Re Limited (“Itasca Re”), to offer insurance financing solutions to buyers and owners of commercial aircraft assets.

The solutions offered by Itasca Re are designed to attempt to enable competitive financing rates for aircraft asset buyers by transferring the non-payment risk traditionally held by financiers to third parties via an insurance policy issued by Starr Insurance Companies that is reinsured by Itasca Re and other potential third-party reinsurers pursuant to a dedicated reinsurance agreement.

Latest Fintech News: VanEck Launches Actively Managed Commodity Strategy ETF (PIT), Focused on Seeking Maximum Risk-adjusted Returns

Itasca Re will be led by experienced aviation industry veteran Kostya Zolotusky, who most recently led the Integrated Finance Linked Insurance (IFLI) division of Piiq Risk Partners Ltd. (“Piiq”), an insurance broker focused on the aviation sector associated with The Ardonagh Group, the largest independent insurance broker in the United Kingdom. Piiq will provide exclusive brokerage services to Starr and Itasca Re.

“Itasca Re is the latest step Castlelake has taken to strategically innovate and expand the financing solutions it can offer,” said Joe McConnell, Partner and Deputy Co-chief Investment Officer at Castlelake. “Itasca Re brings reinsurance support for creative, customizable and cost-efficient insurance-backed products to our airline partners and other buyers and owners of commercial aircraft assets at what we see as a time of high need.”

Latest Fintech News: ACI Worldwide Launches Wallet Hub for Merchants with Access to 200+ Digital Wallets in 70+ Countries

Armin Rothauser, Partner, Asset-backed Direct Lending at Castlelake, added: “With the experience and expertise of the Itasca Re team and partnerships with established market participants, we believe Itasca Re will quickly become a go-to solution provider for global airlines and the broader aviation market.”

Itasca Re is expected to provide a broad spectrum of insurance-backed risk solutions in the aviation finance sector, including servicing airlines and operating lessors seeking to purchase or refinance new or vintage aircraft assets as well as financiers seeking alternative syndication or de-risking options for their loan portfolios. Itasca Re’s dedicated focus on aircraft secured financing and its team’s experience is expected to enable more nuanced asset-secured insurance financing solutions than what has been available in the current insurance market.

Castlelake has been a strategic partner and active capital provider to aviation asset owners and lessees since its inception, having invested over $17 billion in aviation opportunities, acquired more than 650 aircraft and developed relationships with approximately 200 airlines.

Latest Fintech News: Customers in UK & Europe Poised For Elevated Experience With New Leadership at Xoxoday

[To share your insights with us, please write to]

Related posts

EverNest Financial Advisors Builds on its Independent Position by Partnering With Sanctuary Wealth

Fintech News Desk

BitPay Merchants Prepare for Shiba Inu

Fintech News Desk

Nacha Announces Tempus Technologies As An ACH Payment Facilitator Preferred Partner

Fintech News Desk