Itasca Re provides insurance for aircraft financing solution
Bermuda-based Itasca MGA Limited has provided insurance backing for a financing solution in respect of two Embraer E195-E2 aircraft.
Itasca, an aviation-focused managing general agent created by alternative investment manager Castlelake and Pine Walk Capital, provided the backing to Elevate Capital Partners, a private investment and asset management firm.
"Itasca is pleased to provide support to Elevate Capital Partners as it takes delivery of these assets," said Gareth John, CEO of Itasca MGA. "With insurance-backing from Itasca, we believe lessors and airlines are able to access more competitive and creative financing solutions that empower their business plans."
The policy underwritten by Itasca helped enable Elevate as the arranger and servicer to secure efficient financing for the E195-E2 aircraft, which are on lease with Porter, a regional airline based in Canada. Both aircraft were delivered in September 2024. The transaction marks the first Embraer aircraft transaction for Itasca since its founding in October 2023.
Itasca MGA is a managing general agent housed within the Pine Walk Group that specialises in underwriting, structuring and managing risk associated with secured commercial aviation financing on behalf of The Fidelis Partnership and Itasca Re, a Bermuda-licensed reinsurance company established by Castlelake that specialises in insurance-backed financing solutions for buyers and owners of commercial aircraft assets.
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