Castlelake establishes ‘nuanced’ aviation reinsurance business

Investment management company Castlelake has established a Bermuda-licensed reinsurance company for buyers and owners of commercial aircraft assets. Known as Itasca Re, the new business is to provide “competitive financing rates for aircraft asset buyers by transferring the non-payment risk traditionally held by financiers to third parties via an insurance policy issued by Starr Insurance Companies that is reinsured by Itasca Re and other potential third-party reinsurers pursuant to a dedicated reinsurance agreement”, according to a statement by Castlelake. Providing a “dedicated focus on aircraft secured financing”, Istasca Re will be staffed by a team whose experience will “enable more