MINNEAPOLIS, Jan. 16, 2023 /PRNewswire/ — Castlelake, L.P. (“Castlelake”), a worldwide various funding supervisor specializing in asset-backed non-public credit score with 17 years of expertise investing in, financing and managing aviation property, right this moment introduced the creation of a Bermuda-licensed reinsurance firm, Itasca Re Restricted (“Itasca Re”), to supply insurance coverage financing options to consumers and homeowners of business plane property.
The options provided by Itasca Re are designed to try to allow aggressive financing charges for plane asset consumers by transferring the non-payment threat historically held by financiers to 3rd events through an insurance coverage coverage issued by Starr Insurance coverage Corporations that’s reinsured by Itasca Re and different potential third-party reinsurers pursuant to a devoted reinsurance settlement.
Itasca Re might be led by skilled aviation trade veteran Kostya Zolotusky, who most lately led the Built-in Finance Linked Insurance coverage (IFLI) division of Piiq Threat Companions Ltd. (“Piiq”), an insurance coverage dealer targeted on the aviation sector related to The Ardonagh Group, the biggest unbiased insurance coverage dealer within the United Kingdom. Piiq will present unique brokerage providers to Starr and Itasca Re.
“Itasca Re is the newest step Castlelake has taken to strategically innovate and develop the financing options it could actually supply,” stated Joe McConnell, Associate and Deputy Co-chief Funding Officer at Castlelake. “Itasca Re brings reinsurance help for artistic, customizable and cost-efficient insurance-backed merchandise to our airline companions and different consumers and homeowners of business plane property at what we see as a time of excessive want.”
Armin Rothauser, Associate, Asset-backed Direct Lending at Castlelake, added: “With the expertise and experience of the Itasca Re workforce and partnerships with established market individuals, we imagine Itasca Re will shortly turn into a go-to answer supplier for world airways and the broader aviation market.”
Itasca Re is predicted to offer a broad spectrum of insurance-backed threat options within the aviation finance sector, together with servicing airways and working lessors in search of to buy or refinance new or classic plane property in addition to financiers in search of various syndication or de-risking choices for his or her mortgage portfolios. Itasca Re’s devoted concentrate on plane secured financing and its workforce’s expertise is predicted to allow extra nuanced asset-secured insurance coverage financing options than what has been out there within the present insurance coverage market.
Castlelake has been a strategic companion and energetic capital supplier to aviation asset homeowners and lessees since its inception, having invested over $17 billion in aviation alternatives, acquired greater than 650 plane and developed relationships with roughly 200 airways.
About Castlelake
Castlelake, L.P. is a worldwide various funding supervisor targeted on investments in actual property, specialty finance and aviation throughout the danger spectrum, from value-oriented to earnings and funding grade credit score. Based in 2005, Castlelake manages roughly $20 billion of property. The Castlelake workforce contains greater than 250 skilled professionals, together with 95 funding professionals, throughout six places of work in North America, Europe and Asia. For extra data, please go to https://www.castlelake.com/.
About Starr Insurance coverage Corporations
Starr Insurance coverage Corporations (or Starr) is a advertising identify for the working insurance coverage and journey help firms and subsidiaries of Starr Worldwide Firm, Inc. and for the funding enterprise of C. V. Starr & Co., Inc. and its subsidiaries. Starr is a number one insurance coverage and funding group with a presence on six continents; by its working insurance coverage firms, Starr gives property, casualty, and accident and medical insurance merchandise in addition to a variety of specialty coverages together with aviation, marine, vitality and extra casualty insurance coverage. Starr’s insurance coverage firm subsidiaries domiciled within the U.S., Bermuda, China, Hong Kong, Malta, Singapore, Switzerland and U.Okay. every have an A.M. Greatest score of “A” (Wonderful). Starr’s Lloyd’s syndicate has a Commonplace & Poor’s score of “A+” (Robust).
Media contact:
Castlelake Media Relations
Molly Blemker
+1 612 851 3083
[email protected]
Prosek Companions for Castlelake
Josh Clarkson / Remy Marin
[email protected]
+1 212 279 3115
View authentic content material to obtain multimedia:https://www.prnewswire.com/news-releases/castlelake-establishes-reinsurer-to-provide-insurance-financing-solutions-to-aircraft-asset-buyers-301722066.html
SOURCE Castlelake