Minneapolis, January 16, 2023 /PRNewswire/ — Castlelake, LP (“Castlelake”), a global alternative investment manager specializing in asset-backed private credit with 17 years of experience in investing, financing and managing aviation assets, today announced , Bermuda– Itasca Re Limited (“Itasca Re”), a licensed reinsurer, provides insurance financing solutions to purchasers and owners of commercial aircraft assets.
The solution provided by Itasca Re is to transfer the unpaid risk traditionally held by investors to third parties through policies issued by Starr Insurance Companies, which are reinsured by Itasca Re and other companies. Designed to help asset purchasers achieve competitive funding rates. Potential third-party reinsurers under dedicated reinsurance agreements.
Itasca Re is led by experienced aviation industry veterans Kostya ZolotskyUntil recently, he ran the Integrated Finance Linked Insurance (IFLI) division of Piiq Risk Partners Ltd. (“Piiq”), an insurance broker focused on the airline sector associated with the Ardner Group, the largest independent insurance broker in the United States. was leading EnglandPiiq provides exclusive brokerage services. Star and Itasuka Le.
“Itasca Re is the latest step Castlelake has taken to strategically innovate and expand the financing solutions it can offer.” Joe McConnell, Partner and Deputy Chief Investment Officer of Castle Lake. “Itasca Re provides airline partners, other buyers and owners of commercial aircraft assets with creative, customizable and cost-effective reinsurance support for insurance collateral products at a time when the need seems high. will provide.”
Armin RothhauserA partner at Castle Lake Asset Back Direct Lending added: aviation market.
Itasca Re is expected to provide a wide range of insurance-backed risk solutions in the aviation finance sector. This includes airlines and operating leases looking to purchase or refinance new or older aircraft assets, as well as financiers seeking alternative syndication or de-risking options. their loan portfolio. Itasca Re’s dedication to aircraft-backed financing and the experience of its team are expected to enable more nuanced asset-backed insurance financing solutions than those currently available in the insurance market.
Since its inception, Castle Lake has been a strategic partner and active capital provider to aviation property owners and lessees. $17 billion Aviation has acquired over 650 aircraft and established relationships with approximately 200 airlines.
About Castle Lake
Castlelake, LP is a global alternative investment manager focused on investing in real assets, specialty finance and aviation across a range of risks from value oriented to income and investment grade credit. Founded in 2005, Castle Lake manages approximately $20 billion in assets. Castle Lake’s team is made up of more than 250 of his experienced professionals, including his 95 investment professionals in his six offices in North America, Europe and Asia. For more information, see:https://www.castlelake.com/.
About Star Insurance Company
Starr Insurance Companies (or Starr) is the marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Company, Inc. and the investment business of CV Starr & Co., Inc. and its subsidiaries. Starr is a leading insurance and investment organization with presence on six continents. Through its operating insurers, Starr offers a wide range of specialty insurance, including property and casualty insurance, accident insurance, health insurance, aviation insurance, marine insurance, energy insurance and excess casualty insurance. A subsidiary of the US-based Star Insurance Company, Bermuda, China, Hong Kong, Malta, Singapore, Switzerland and UK each have an AM Best rating of “A” (Excellent). Starr’s Lloyd’s syndicate has a Standard & Poor rating of “A+” (strong).
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