Fidelis MGU and Castlelake create new aviation-focused MGA
Global, aviation-focused alternative investment manager, Castlelake and Pine Walk, a specialist managing general agent (MGA) platform and wholly owned subsidiary of Fidelis MGU, have announced the creation of a new aviation-focused MGA.
Itasca MGA will specialise in underwriting, structuring and managing risk associated with secured commercial aviation financing on behalf of Fidelis MGU Group and Itasca Re Limited, a Bermuda-licensed reinsurance company established by Castlelake that specialises in insurance-backed financing solutions for buyers and owners of commercial aircraft assets.
The new MGA will use insurance provided by Fidelis Insurance Ireland DAC and Fidelis Underwriting Limited to support airline and lessor customers, alongside Starr Europe Insurance Limited and Starr Europe Insurance Limited.
The latter two are to continue to be reinsured by Itasca Re, the firm noted.
Armin Rothauser, Partner, Asset-Backed Direct Lending at Castlelake, said: “In the context of the current market, we believe 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.
“We are excited to partner with the experienced Fidelis MGU team to establish this specialised MGA and expand the reach and capacity of Itasca Re’s solutions to attempt to address this growing demand.”
Itasca MGA, the eighth MGA in the Pine Walk Group, will further expand the firm’s distribution into the specialised aviation sector and provide Fidelis enhanced opportunity to add further aviation industry exposure that is highly complementary to its current portfolio.
Rinku Patel, Group COO of Fidelis MGU and CEO of Pine Walk commented: “We’re excited to welcome the Itasca MGA to the Pine Walk Group and support its innovative solutions.
“Fidelis MGU and Pine Walk are continually looking for ways to strengthen our underwriting portfolio. The launch of Itasca MGA brings further market leading expertise and distribution into the Group and further underlines Pine Walk’s ambitious growth agenda over the next five years”.
Richard Coulson, CEO of Insurance and Deputy Group CUO, added: “We look forward to combining Pine Walk’s specialised services with Castlelake’s aviation expertise and Itasca Re’s insurance market experience to accelerate and broaden the scope of clients the Fidelis Group’s bespoke aviation solutions reach.”
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