Castlelake and Fidelis MGU create aviation MGA

Castlelake , an international investment manager with a track record of 18 years in the aviation sector, has partnered with Pine Walk Capital Limited (“Pine Walk”), a subsidiary of Fidelis MGU.

Together, they have introduced a new entity focused on aviation: Itasca MGA.

Itasca MGA’s primary role will be to oversee and manage risks related to secured commercial aviation financing for both Fidelis MGU Group and Itasca Re Limited, an insurance company created by Castlelake.

The goal is to support aviation-related clientele, mainly airlines and leasing companies, utilizing insurance services from Fidelis Insurance Ireland DAC, Fidelis Underwriting Limited, Starr Europe Insurance Limited, and Starr Insurance Europe Limited. Notably, insurance from the last two will continue to be reinsured by Itasca Re.

“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 specialized MGA and expand the reach and capacity of Itasca Re’s solutions to attempt to address this growing demand.” – Armin Rothauser, Partner, Asset-Backed Direct Lending at Castlelake.