SEATTLE and ISTANBUL, July 26, 2023 -- Itasca Re Limited ("Itasca Re"), a Bermuda-licensed reinsurance company created by Castlelake that specializes in insurance-backed financing solutions for buyers and owners of commercial aircraft assets, and Turkish Airlines, the flagship airline of Türkiye, today announced Itasca Re provided reinsurance for aircraft non-payment insurance ("ANPI") in respect of financial leasing of three A321neo aircraft to Turkish Airlines. The reinsurance policy is secured by three 2023 vintage A321neo aircraft, each powered by two PW1133GA-JM engines.
"The Itasca Re team is pleased to provide Turkish Airlines with a reinsurance solution and lay the foundation for a long-term relationship," said Kostya Zolotusky, Chief Executive Officer of Itasca Re. "We believe that our product will help Turkish Airlines advance its long-term fleet and business strategies by transferring non-payment risk away from its lenders."
Turkish Airlines, as a pioneer of most of the aircraft financing structures in the industry, believes that Itasca Re'sreinsurance product offers Turkish Airlines a financing edge as it continues building its high quality fleet with young, modern aircraft in its endeavors to broaden its vast network of destinations, whilst delivering excellent customer service.
Itasca Re was established by Castlelake, a global alternative investment manager specializing in asset-backed private credit with approximately 18 years of experience investing in, financing and managing aviation assets. Itasca was formed in partnership with industry veteran Kostya Zolotusky, who most recently led the Integrated Finance Linked Insurance (IFLI) division of Piiq Risk Partners Ltd. The solutions provided by Itasca Re are designed to attempt to enable competitive financing rates 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.