Itasca MGA underwrites Virgin Atlantic aircraft delivery
The aviation specialist developed an insurance-backed financing solution.
Bermuda-based aviation-focused managing general agency Itasca MGA has underwritten an insurance-backed financing solution for delivery of an A350-1000 aircraft for Virgin Atlantic.
Itasca, which is backed by Castlelake and Fidelis Partnership subsidiary Pine Walk Capital, said the policy underwritten by Itasca MGA helped enable the airline to efficiently acquire and finance the new fuel-efficient A350-1000 aircraft, which supports Virgin Atlantic's sustainability ambitions of achieving net zero by 2050 while becoming sustainably profitable.
"Virgin Atlantic has been committed to innovation and collaborating with the best partners since 1984, as demonstrated by this latest partnership with Itasca MGA, MUFG, Natixis, La Banque Postale and Novus Aviation Capital," said Ansar Hussain, VP of Corporate Finance at Virgin Atlantic. "The Airbus A350 plays a significant role in our fleet transformation, enabling us to fly one of the youngest, cleanest fleets which is now fully financed through to Q4'25."
The aircraft, G-VELJ was delivered to Virgin Atlantic on May 24.
La Banque Postale, MUFG and Natixis CIB acted as senior lenders and mandated lead arrangers in the finance lease transaction, which was structured as a French optimized lease, combined with an Itasca MGA underwritten senior loan. In addition, a junior loan was provided by Tamweel Aviation Finance which was arranged and structured by Novus Aviation Capital.
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