Bermudian-based Itasca MGA Ltd, the aviation-focused managing general agent, has supported Virgin Atlantic with an insurance-backed financing solution for delivery of its final A350-1000 aircraft.

The company said 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, continuing to serve as one of the leading long-haul, transatlantic premium carriers from London Heathrow.

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 optimised 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.

The aircraft, G-VELJ was delivered to Virgin Atlantic on May 24.