A new aviation-focussed managing general agent has been created by alternative investment manager Castlelake and Fidelis MGU subsidiary Pine Walk Capital.
Called Itasca MGA, the new business will specialise in underwriting, structuring, and managing risk associated with secured commercial aviation financing on behalf of Castlelake’s Itasca Re and Fidelis MGU. It is the eighth MGA established by Pine Walk since launching in 2017.
In a release, it was noted that capacity will be provided by Fidelis Insurance Ireland and Fidelis Underwriting alongside Starr Europe Insurance and Starr Insurance Europe. The latter two are reinsured by Itasca Re.
“We’re excited to welcome the Itasca MGA to the Pine Walk Group and support its innovative solutions,” Fidelis MGU group chief operating officer and Pine Walk chief executive Rinku Patel commented.
“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.”
Meanwhile Fidelis MGU insurance CEO and deputy group chief underwriting officer Richard Coulson cited the combination of Pine Walk’s specialised services with Castlelake’s aviation expertise and Itasca Re’s insurance market experience.
Armin Rothauser, Castlelake partner for asset-backed direct lending, 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.”
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