What We Do

Itasca MGA Limited, established in October 2023, focuses on specialist aviation finance credit risk insurance.

Aviation Non-Payment Insurance (ANPI)

ANPI provides the credit insured funding party with 100% indemnification in the event an Obligor defaults on its payment obligations under the aircraft finance documents.

As the provider of the 100% indemnity under the insurance policy, the credit insurers work closely with the funding partners throughout, but lead the structuring and documentation of each financing transaction and the enforcement process in the event of a claim under the policy. The Insurers are senior secured over the aircraft asset with the funding parties being mostly passive and sitting behind the insurers.

Credit & Political Risk Non-Payment Insurance (CRPI)

CRPI provides the credit insured funding parties the opportunity to syndicate a portion of their risk into the insurance market.

In the cases of our CRPI, the funding parties typically lead the structuring with the credit insurers taking a more passive role in support of the funding parties and recover any loss on a pari-passu basis with the funding parties. Itasca offers CRPI for loans to private and public airlines as well as lessors that are secured against aircraft and/or engines.

About Us

Itasca MGA (Managing General Agent) is an experienced team of aviation insurance professionals who work closely with aircraft financiers to originate solutions, provide Aircraft Non-Payment Credit Insurance (ANPI) and traditional non-payment (re)insurance to banks and other lenders.

Itasca MGA‘s global target clients consist of global airlines, aviation finance banks, institutional investors, and highly specialized aircraft leasing companies.

A core part of Itasca MGA‘s differentiated strategy is to be open to all commercial aircraft types and ages.

Itasca MGA facilitates the market entry of fuel efficient, latest technology aircraft, and airlines and aircraft investors in the midlife aircraft market.

The Itasca MGA team:

  • Experienced Management Structure – market and thought leaders with decades of experience in aircraft finance and innovative insurance-based solutions
  • Dedicated Underwriter – market-leading experience in Itasca MGA’s products to analyse commercial viability of transactions and the Itasca MGA portfolio
  • Dedicated Legal Adviser – depth of experience across the spectrum of aircraft financing to provide effective solutions and co-ordinate Itasca MGA’s participation in transactions.
  • Actuarial and Modelling Expertise – aviation finance and ANPI loss outputs
  • Separation between Underwriting and Origination – origination in partnership with Castlelake global origination team; underwriting managed by Itasca MGA’s Chief Underwriting Officer.

Gareth John
CEO

Gareth joined Itasca in 2024 from Natixis CIB, where he held senior positions including Global Head of Aviation, and Head of Investment Banking, Coverage & Real Assets UK. Prior to that he was the Americas Head of Aviation for Deutsche Bank and previously worked at UBS and GE Capital, among others. In addition to his role as CEO of Itasca, Gareth also serves as Head of Bespoke Economic Lines for The Fidelis Partnership and will join the Boards of both Itasca and Pernix Specialty Ltd (pending regulatory approval).

Mark Esdaile
Chief Underwriting Officer

Before founding Itasca MGA, Mark joined Piiq Risk Partners in June 2020 to head up underwriting for the insurance backed aircraft finance business, Piiq iFLI. Mark started in the Political Risk and Structured Credits market in 2002 and has extensive experience working in this market over the last 20 years. Prior to joining Piiq iFLI, he managed the Asset Finance Credit Risk Solutions team and was Deputy Head of the Political & Financial Risk team at Sompo International (previously Endurance).

Hao Lu
Chief Risk Officer (Itasca MGA Services Limited)

Hao is a Quantitative Modeler with a Physics PhD. He has experience with factor models for Portfolio optimization & Risk Analytics, trading model testing, prepayments modelling, commodities and energy finance, aircraft structured lending. He is strong in statistical modelling and programming, numerical analysis, time series analysis, machine learning, optimization, and statistics.  Prior to joining Piiq, Hao worked for GE Capital holding roles as a Senior Quantitative Analyst, Senior Program Manager Modelling and Validation, and Director, Modeler.

Luke Elliott
General Counsel

Before founding Itasca Re, Luke was head of legal structuring and General Counsel for Piiq iFLI.  Prior to that  Luke was a senior associate in the Structured and Asset Finance team of Allen & Overy. He has in-depth experience advising on a wide variety of cross-border aviation transactions including private insurance ANPI cover debt financing, leasing and tax leasing transactions, portfolio sales and purchases, restructurings and export credit transactions. He has acted for clients including lenders, insurers, export credit agencies, lessors and airlines.

Corina Sylira
Managing Director – Lessor Origination & Capital Markets

Before joining Itasca, Corina spent 16 years with DVB Bank SE in London covering institutional investors and advising airlines and lessors on M&A and capital raising. From 2020 to 2023, she was a Managing Director covering institutional investors for Aeon Investments Ltd, a private credit focused investment company building portfolios of real assets and private credit for securitisation. She started her career at JPMorgan Chase in the M&A team, covering transport and energy. Before that, she spent 2 years as a credit analyst at EFG Eurobank in Athens.

Olaf Sachau
External Consultant –
Lessor Origination & Capital Markets

Olaf has held senior executive and management roles in various aircraft leasing companies and the aviation sectors of German banks. Olaf was previously Managing Director of SkyWorks Capital, supporting the origination of advisory and other engagements with airlines and financial institutions worldwide. Prior to SkyWorks, Olaf was CEO at Intrepid Aviation, and CEO and Managing Director at Amentum Capital.

Evolving Aviation Non-Payment Insurance (ANPI) Market

Itasca MGA: An evolution in aviation credit risk insurance, with a differentiated business model to originate, structure, and manage a broad range of ANPI and CPRI solutions.

Itasca-Evolving-aviation

Origination, Structuring, and Portfolio Lifecycle Management of a broad range of ANPI and NPI solutions

  • Itasca MGA structures and underwrites ANPI transactions in co-ordination with Castlelake, one of the globally leading aircraft investment firms
  • Support for origination of all commercial aircraft asset types and ages
  • Sectorial experience of Itasca MGA allows the underwriting of a diverse range of financing structures and products
  • Itasca MGA’s insurance product flexibility facilitates creative solutions to aviation finance markets
  • The support of non-recourse financing structures and final balloon structures in lessor transactions provide optimised risk and return profiles for aviation investors
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