Itasca MGA Provides Aircraft Finance Insurance Cover to Jeju Air

HAMILTON, Bermuda, Sept. 9, 2025 /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 that it has structured an innovative aircraft non-payment (ANPI) credit insurance policy. The solution provides debt financing with respect to Jeju Air ("Jeju") for two 737 MAX 8 aircrafts.

Gareth John, CEO of Itasca MGA, commented: "Itasca MGA is pleased to partner with Jeju, a recognized leader in the international aviation marketplace, to offer a creative financing solution to support the successful delivery of these assets."

Kim E-Bae, CEO of Jeju Air, said: "As Jeju continues to take strategic steps to meet passenger demand, the addition of these two aircrafts will further our operational capabilities and support our growth plans. We're proud to work with Itasca MGA to support our fleet expansion."

Two aircraft were delivered in June and July of 2025.

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, Fidelis Underwriting Limited and Lloyd's Syndicate 3123, alongside Starr International (Europe) Limited and Starr Europe Insurance Limited with the latter two reinsured by Itasca Re. For more information, visit https://www.itascare.com/.

About Jeju Air

Founded as South Korea's first low-cost carrier, Jeju Air has established itself as a key player in the regional aviation market by operating a streamlined, single-type aircraft fleet. Currently operating 44 Boeing 737-800 aircraft, the airline is actively modernizing its fleet by transitioning to the next-generation Boeing 737-8 MAX. Jeju Air serves over 61 routes, connecting 52 cities across Southeast Asia, and continues to expand its network while maintaining a strong focus on operational efficiency, safety, and customer value.

Media contact:
Itasca MGA
+1 612 851 3000

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SOURCE Itasca MGA