![](https://cdn.intelligentinsurer.com/convert/files/2024/06/60023e00-2198-11ef-b84c-cd1195ee6391-Virgin%20Atlantic_shutterstock_330684083.jpg/r%5Bwidth%5D=320/60023e00-2198-11ef-b84c-cd1195ee6391-Virgin%20Atlantic_shutterstock_330684083.webp)
Itasca MGA crafts insurance-backed financing for Virgin Atlantic
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, has developed an insurance-backed financing solution for Virgin Atlantic.
The MGA has underwritten an aircraft finance insurance solution for delivery of Virgin Atlantic's final A350-1000 aircraft.
The policy underwritten by Itasca MGA helped enable the airline to efficiently acquire and finance the new fuel-efficient A350-1000 aircraft, which supports Virgin Atlantic's sustainability ambitions of achieving net zero by 2050 while becoming sustainably profitable, the company said.
"Virgin Atlantic has been committed to innovation and collaborating with the best partners since 1984, as demonstrated by this latest partnership with Itasca MGA, MUFG, Natixis, La Banque Postale and Novus Aviation Capital," said Ansar Hussain, VP of Corporate Finance at Virgin Atlantic. "The Airbus A350 plays a significant role in our fleet transformation, enabling us to fly one of the youngest, cleanest fleets which is now fully financed through to Q4'25."
The aircraft, G-VELJ was delivered to Virgin Atlantic on May 24.
La Banque Postale, MUFG and Natixis CIB acted as senior lenders and mandated lead arrangers in the finance lease transaction, which was structured as a French optimized lease, combined with an Itasca MGA underwritten senior loan. In addition, a junior loan was provided by Tamweel Aviation Finance which was arranged and structured by Novus Aviation Capital.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk