MinneapolisAnd 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 creation of Bermuda– A licensed reinsurer, Itasca Re Limited (“Itasca Re”), to provide 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 buyers of aircraft assets by shifting to third parties the risk of default traditionally held by financiers via an insurance policy issued by Starr insurers that are reinsured by Itasca Re and others. Potential third party reinsurers in accordance with the assigned reinsurance agreement.
Itasca Re will be led by an experienced aerospace industry veteran Kostya Zolotovskywho recently led the Integrated Finance Linked Insurance (IFLI) division of Piiq Risk Partners Ltd. (“Piiq”), an insurance broker focused on the aerospace sector associated with the Ardonagh Group, the largest independent insurance broker in the UK United kingdom. Piiq will provide exclusive brokerage services for Starr and Itasca Rey.
“Itasca Re is Castlelake’s latest step to strategically innovate and expand the financing solutions it can offer,” Joe McConnell, Partner and Co-Vice President of Investments at Castlelake. “Itasca Re provides reinsurance support for creative, customizable and cost-effective insurance-backed products for our airline partners, other buyers and commercial aircraft asset owners in what we see as our time of greatest need.”
Armin RothauserPartner, Direct Asset-Backed Lending in Castlelake, added: “Through the experience and expertise of the Itasca Re team and partnerships with market participants, we believe Itasca Re will quickly become the go-to provider of transition solutions to global airlines and the wider aviation market.”
Itasca Re is expected to provide a wide range of insurance-backed risk solutions in the aviation finance sector, including servicing airlines and operating lessors seeking to purchase or refinance new or aging aircraft assets as well as financiers seeking alternative syndication options or de-risking. their loan portfolios. Itasca Re’s dedicated focus on secured aircraft financing and its team’s expertise is expected to enable more refined asset secured financing solutions than is available in the current insurance market.
Castlelake has been a strategic partner and active provider of capital to aviation asset owners and lessees since its inception, investing more than $17 billion In aviation, it has acquired more than 650 aircraft and built relationships with nearly 200 airlines.
Castlelake, LP is a global alternative investment manager focused on investments in real assets, specialty and aviation finance across the risk spectrum, from value oriented to income and investment grade credit. Founded in 2005, Castlelake manages nearly $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 the websitehttps://www.castlelake.com/.
About Star Insurance Companies
Starr Insurance Companies (or Starr) is a marketing name for operating insurance and travel assistance companies and subsidiaries of Starr International Company, Inc. and for the investment business of CV Starr & Co., Inc. and its affiliates. Starr is a leading insurance and investment firm with a presence on six continents; Through its operating insurers, Starr provides property, casualty and health insurance products as well as a range of specialty covers including aviation, marine, energy and excess casualty insurance. Starr’s US-based insurers, BermudaAnd ChinaAnd Hong KongAnd MaltaAnd SingaporeAnd Switzerland and both UK and UK Best AM ratings of “A” (Excellent). The Stars-Lloyd’s Syndicate is rated “A+” by Standard & Poor’s (Strong).
Castlelake Media Relations
+1 612 851 3083
Prosek Partners for Castlelake
Josh Clarkson / Remy Marin