MINNEAPOLIS, January 16, 2023 /PRNewswire/ — Castlelake, LP (“Castlelake”), a global alternative investment manager specializing in asset-backed private credit with 17 years of experience investing, financing and managing aviation assets, today announced the formation of BermudaA 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 purchasers of aircraft assets by transferring the non-payment risk traditionally held by financiers to third parties through an insurance policy issued by Starr Insurance Companies reinsured by Itasca Re and others. Potential third-party reinsurers pursuant to a designated reinsurance agreement.
Itasca Re will be led by an experienced veteran in the aviation industry Kostya Zolotuskiwho 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 world’s largest independent insurance broker. United Kingdom. Piiq will provide exclusive brokerage services to Starr and Itasca Re.
“Itsaka Re is the latest step that Kastelic has taken to strategically innovate and expand the financing solutions it can offer,” he said Joe McConnell, partner and deputy co-investment manager at Castlelake. “Itasca Re is bringing reinsurance support for creative, customizable and cost-effective insurance-backed products to our airline partners and other buyers and owners of commercial aircraft assets at what we see as a time of great need.”
Armin RothhauserPartner, Castlelake Asset Backed Direct Loan, 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 solutions provider for global airlines and the wider 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 acquire or refinance new or older aircraft assets, as well as financiers seeking alternative syndication or de-risking options for their loan portfolios. Itasca Re’s dedicated focus on secured aircraft financing and the experience of its team are expected to enable more nuanced asset-backed insurance financing solutions than have been available in the current insurance market.
Castlelake has been an active strategic partner and capital provider to owners and lessees of aviation assets since its inception, having invested over 17 billion dollars In aviation opportunities, he purchased more than 650 aircraft and developed relationships with about 200 airlines.
Castlelake, LP is a global alternative investment manager focused on real asset, specialty finance and aviation investments across the risk spectrum, from value oriented to income and investment grade credit. Founded in 2005, Castlelake manages approximately $20 billion in assets. The Castlelake team includes more than 250 experienced professionals, including 95 investment professionals, across six offices in North America, Europe and Asia. For more information, please visit https://www.castlelake.com/.
About Starr Insurance Companies
Starr Insurance Companies (or Starr) is a marketing name for the operational and travel assistance insurance companies and subsidiaries of Starr International Company, Inc. and the investment business of CV Starr & Co., Inc. and her girlfriends. Starr is a leading insurance and investment organization with a presence on six continents; Through its operational insurance companies, Star provides property, casualty, accident and health insurance products, as well as a variety of special coverages including aviation, marine, energy and excess casualty insurance. The subsidiaries of Starr Insurance Company located in the USA, Bermuda, porcelain, Hong Kong, Malta, Singapore, Switzerland And each has an AM Best rating of “A” (excellent). Starr’s Lloyd’s Syndicate has a Standard & Poor’s rating of “A+” (Strong).
Castlelake Media Relations
+1 612 851 3083
Prosek Partners for Castlelake
Josh Clarkson / Rami Marin
+1 212 279 3115
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