HAMILTON, Bermuda, Dec. 12, 2024 -- Itasca MGA Limited ("Itasca MGA"), an aviation-focused managing general agent created by alternative investment manager Castlelake and Pine Walk Capital, a wholly owned subsidiary of The Fidelis Partnership, today announced that it has structured an innovative aircraft non-payment (ANPI) credit insurance policy. The solution provides wrapped debt financing with respect to Operating Leases arranged by JLPS Ireland Limited for three 2023-built Airbus A321-271NX aircraft on lease with an ultra-low cost airline.
The debt was provided by Commonwealth Bank of Australia, Tokyo Branch.
Gareth John, CEO of Itasca MGA, commented: "Itasca MGA is pleased to add JLPS and Commonwealth Bank of Australia to our client base. The transaction marks the first deal for Itasca supported by Lloyd's of London insurance capacity and Lloyd's Japan as the coverholder."
Ben Hinshelwood, Executive Director, Corporate Client Coverage at the Commonwealth Bank of Australia, said: "The Commonwealth Bank of Australia is pleased to support Itasca MGA and JLPS with this financing which aligns with our global aviation strategy across multiple lending products and jurisdictions."
Two aircraft were delivered in October and the third one in November 2024.
About Itasca MGA
Itasca MGA is a managing general agent housed within the Pine Walk Group that specializes in underwriting, structuring and managing risk associated with secured commercial aviation financing on behalf of The Fidelis Partnership and Itasca Re Limited, a Bermuda-licensed reinsurance company established by Castlelake that specializes in insurance-backed financing solutions for buyers and owners of commercial aircraft assets. To support airline and lessor customers, Itasca MGA uses insurance capacity provided by Fidelis Insurance Ireland DAC,Fidelis Underwriting Limited and Lloyd's Syndicate 3123, alongside Starr Europe Insurance Limited and Starr Europe Insurance Limited with the latter two reinsured by Itasca Re. For more information, visit https://www.itascare.com/.
About the Commonwealth Bank of Australia
With a presence in Europe since 1913, the Commonwealth Bank of Australia has more than 180 staff across the region. We have established strong positions in a diverse range of market segments and regions in Europe. Our focus on building partnerships where our expertise of the Australian market and product offering can deliver distinct advantages to clients.
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