Itasca MGA Limited, an aviation-focused managing general agent (MGA), has structured an aircraft non-payment (ANPI) credit insurance policy for JLPS Ireland Limited.
This solution provides wrapped debt financing with respect to Operating Leases arranged by JLPS Ireland Limited for three Airbus A321-271NX aircraft, built in 2023, which are leased to an ultra-low-cost airline.
The debt was provided by the Commonwealth Bank of Australia, Tokyo Branch.
Gareth John, CEO of Itasca MGA, commented, “Itasca MGA is pleased to add JLPS and Commonwealth Bank of Australia to our client base. The transaction marks the first deal for Itasca supported by Lloyd’s of London insurance capacity and Lloyd’s Japan as the coverholder.”
Ben Hinshelwood, Executive Director, Corporate Client Coverage at the Commonwealth Bank of Australia, said, “The Commonwealth Bank of Australia is pleased to support Itasca MGA and JLPS with this financing which aligns with our global aviation strategy across multiple lending products and jurisdictions.”
