Fidelis MGU and Itasca Re parent form specialist MGA

Itasca MGA, a new aviation-focused managing general agent has been formed to underwrite risk associated with secured commercial aviation financing on behalf of Bermuda-based Fidelis MGU Group and specialist aviation reinsurer Itasca Re.

The MGA has been formed Itasca Re parent Castlelake, an alternative investment manager with 18 years’ experience investing in aviation assets and Fidelis MGU specialist MGA platform Pine Walk Capital.

Bermuda-based Itasca Re specialises in insurance-backed financing solutions for buyers and owners of commercial aircraft assets.  Itasca MGA will use insurance provided by Fidelis Insurance Ireland DAC and Fidelis Underwriting alongside Starr Europe Insurance, with the latter two continuing 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,” said Armin Rothauser, Partner, asset-backed direct lending at Castlelake. “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.”

Since its launch in 2017, Pine Walk Capital has established seven MGAs offering custom underwriting and operational and regulatory frameworks focused on closely defined business lines. Itasca MGA, representing the eighth MGA in the Pine Walk Group, will further expand Pine Walk’s distribution into the specialised aviation sector and provide Fidelis enhanced opportunity to add further aviation industry exposure that is highly complementary to its current portfolio.

Rinku Patel, Group COO of Fidelis MGU and CEO of Pine Walk said: “We’re excited to welcome the Itasca MGA to the Pine Walk Group and support its innovative solutions. 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.”

Richard Coulson, CEO of insurance and Deputy Group CUO, added: “We look forward to combining Pine Walk’s specialised services with Castlelake’s aviation expertise and Itasca Re’s insurance market experience to accelerate and broaden the scope of clients the Fidelis Group’s bespoke aviation solutions reach.”