Alternative investment manager Castlelake and Pine Walk Capital have launched a new managing general agent (MGA), Itasca MGA, focusing on the aviation sector.

The newly created MGA will focus on underwriting, structuring and overseeing risks linked to commercial aviation financing.

Itasca MGA will work on behalf of Pine Walk Capital’s parent company, Fidelis MGU Group, and Itasca Re, which is established by Castlelake.

Bermuda-based Itasca Re provides insurance-backed financing offerings for commercial aircraft asset buyers and owners. 

To better serve the airline and lessor clients, Itasca MGA will leverage the insurance offered by Fidelis Insurance Ireland DAC, Fidelis Underwriting, Starr Insurance Europe and Starr Europe Insurance.

Starr Insurance Europe and Starr Europe Insurance will continue to be reinsured by Itasca Re, the company noted.

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Castlelake Asset-Backed Direct Lending partner Armin Rothauser said: “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 specialised MGA and expand the reach and capacity of Itasca Re’s solutions to attempt to address this growing demand.”

Pine Walk Capital, from its inception in 2017, launched seven MGAs that provide tailored underwriting and operational and regulatory frameworks for specialised business lines. 

Itasca MGA is the eighth of its kind to be launched by Pine Walk Capital and will aid in improving the group’s presence in the specialised aviation sector.

Fidelis MGU group COO and Pine Walk CEO Rinku Patel said: “Fidelis MGU and Pine Walk are continually looking for ways to strengthen our underwriting portfolio. 

“The launch of Itasca MGA brings further market-leading expertise and distribution into the group and further underlines Pine Walk’s ambitious growth agenda over the next five years.”