Itasca MGA Provides Aircraft Finance Insurance Cover to Elevate Capital Partners

HAMILTON, Bermuda, Nov. 21, 2024 /PRNewswire/ -- Itasca MGA Limited ("Itasca"), 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 provided insurance backing for Elevate Capital Partners, a private investment and asset management firm, for a financing solution in respect of two E195-E2 aircraft.

"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 one year prior, in October 2023.

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 3000 

View original content to download multimedia:https://www.prnewswire.com/news-releases/itasca-mga-provides-aircraft-finance-insurance-cover-to-elevate-capital-partners-302313097.html

SOURCE Itasca MGA