, 2023-01-16 13:00:00,
MINNEAPOLIS, Jan. 16, 2023 /PRNewswire/ — Castlelake, L.P. (“Castlelake”), a global alternative investment manager specializing in asset-backed private credit with 17 years of experience investing in, financing and managing aviation assets, today announced the creation of a Bermuda-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 aircraft asset buyers by transferring the non-payment risk traditionally held by financiers to third parties via an insurance policy issued by Starr Insurance Companies that is reinsured by Itasca Re and other potential third-party reinsurers pursuant to a dedicated reinsurance agreement.
Itasca Re will be led by experienced aviation industry veteran Kostya Zolotusky, who 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 largest independent insurance broker in the United Kingdom. Piiq will provide exclusive brokerage services to Starr and Itasca Re.
“Itasca Re is the latest step Castlelake has taken to strategically innovate and expand the financing solutions it can offer,” said Joe McConnell, Partner and Deputy Co-chief Investment Officer at Castlelake….
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