Investment manager, platform establish aviation specialty MGA

Castlelake LP, a Minneapolis-based alternative investment manager, and Pine Walk Capital Ltd., a managing general agent platform owned by Bermuda-based Fidelis MGU, said Thursday they have established a specialty MGA focused on the aviation sector.

Itasca MGA will underwrite, structure and manage risk associated with secured commercial aviation financing on behalf of Fidelis MGU and Itasca Re Ltd., a Bermuda-based reinsurer.

Itasca Re was launched by Castlelake earlier this year and specializes in insurance-backed financing for buyers and owners of commercial aircraft assets.

Itasca MGA will use insurance provided by Fidelis Insurance Ireland DAC, Fidelis Underwriting Ltd. and Starr Europe Insurance Ltd.

“Aircraft non-payment insurance has the potential to unlock attractive financing that is increasingly out of reach for a large subset of aircraft buyers and owners,” Armin Rothauser, partner, asset-backed direct lending at Castlelake, said in a statement.