Castlelake Establishes Reinsurer to Provide Insurance Financing Solutions to Aircraft Asset Buyers

MINNEAPOLIS, Jan. 16, 2023 /PRNewswire/ — Castlelake, L.P. (“Castlelake”), a global alternative investment manager specializing in asset-backed private credit with 17 years of experience investing in, financing and managing aviation assets, today announced the creation of a Bermuda-licensed reinsurance company, Itasca Re Limited (“Itasca Re”), to offer insurance financing solutions to buyers and owners of commercial aircraft assets.

Castlelake Establishes Reinsurer to Provide Insurance Financing Solutions to Aircraft Asset Buyers (PRNewsfoto/Castlelake)

The solutions offered by Itasca Re are designed to attempt to enable 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.

Itasca Re will be led by experienced aviation industry veteran Kostya Zolotusky, who most recently led the Integrated Finance Linked Insurance (IFLI) division of Piiq Risk Partners Ltd. (“Piiq”), an insurance broker focused on the aviation sector associated with The Ardonagh Group, the largest independent insurance broker in the United Kingdom. Piiq will provide exclusive brokerage services to Starr and Itasca Re.

“Itasca Re is the latest step Castlelake has taken to strategically innovate and expand the financing solutions it can offer,” said Joe McConnell, Partner and Deputy Co-chief Investment Officer at Castlelake. “Itasca Re brings reinsurance support for creative, customizable and cost-efficient insurance-backed products to our airline partners and other buyers and owners of commercial aircraft assets at what we see as a time of high need.”

Armin Rothauser, Partner, Asset-backed Direct Lending at Castlelake, added: “With the experience and expertise of the Itasca Re team and partnerships with established market participants, we believe Itasca Re will quickly become a go-to solution provider for global airlines and the broader aviation market.”

Itasca Re is expected to provide a broad spectrum of insurance-backed risk solutions in the aviation finance sector, including servicing airlines and operating lessors seeking to purchase or refinance new or vintage aircraft assets as well as financiers seeking alternative syndication or de-risking options for their loan portfolios. Itasca Re’s dedicated focus on aircraft secured financing and its team’s experience is expected to enable more nuanced asset-secured insurance financing solutions than what has been available in the current insurance market.

Castlelake has been a strategic partner and active capital provider to aviation asset owners and lessees since its inception, having invested over $17 billion in aviation opportunities, acquired more than 650 aircraft and developed relationships with approximately 200 airlines.

About Castlelake

Castlelake, L.P. is a global alternative investment manager focused on investments in real assets, specialty finance and aviation across the risk spectrum, from value-oriented to income and investment grade credit. Founded in 2005, Castlelake manages approximately $20 billion of assets. The Castlelake team comprises more than 250 experienced professionals, including 95 investment professionals, across six offices in North America, Europe and Asia. For more information, please visit

About Starr Insurance Companies

Starr Insurance Companies (or Starr) is a marketing name for the operating insurance and travel assistance companies and subsidiaries of Starr International Company, Inc. and for the investment business of C. V. Starr & Co., Inc. and its subsidiaries. Starr is a leading insurance and investment organization with a presence on six continents; through its operating insurance companies, Starr provides property, casualty, and accident and health insurance products as well as a range of specialty coverages including aviation, marine, energy and excess casualty insurance. Starr’s insurance company subsidiaries domiciled in the U.S., Bermuda, China, Hong Kong, Malta, Singapore, Switzerland and U.K. each have an A.M. Best rating of “A” (Excellent). Starr’s Lloyd’s syndicate has a Standard & Poor’s rating of “A+” (Strong).

Media contact:

Castlelake Media Relations 
Molly Blemker 
+1 612 851 3083 
[email protected]

Prosek Partners for Castlelake 
Josh Clarkson / Remy Marin  
[email protected]   
+1 212 279 3115



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SOURCE Castlelake

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