Itasca MGA Provides Aircraft Finance Insurance Cover to Virgin Atlantic

PR Newswire

HAMILTON, Bermuda, May 31, 2024 /PRNewswire/ -- 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 it has supported Virgin Atlantic in respect of an insurance-backed financing solution for delivery of its final A350-1000 aircraft.

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, continuing to serve as one of leading long-haul, transatlantic premium carriers from London Heathrow. 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.

"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 24th May.

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 and Fidelis Underwriting Limited alongside Starr Europe Insurance Limited and Starr Europe Insurance Limited, with the latter two continuing to be reinsured by Itasca Re. For more information, visit https://www.itascare.com/.

Media contact:

Itasca MGA
+1 612 851 3083

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