Altitude Adds General Insurance Corporation Of India To Capacity Providers
8 July 2015
Altitude Risk Partners, Castel’s global aviation and space underwriting business, has added the General Insurance Corporation of India, the world’s 15th largest reinsurer, to its aviation capacity providers.
The Indian government owned business joins existing capacity providers Barbican Syndicate 1955, HDI-Gerling Industrie Versicherung AG, Sompo Japan Nipponkoa Insurance Inc, China Pacific Property Insurance Company Ltd and Trans Re.
Through Altitude, Castel underwrites airlines, manufacturing products, general aviation, war and space business. Altitude was launched at the beginning of 2014 as the first underwriting cell to utilise Castel’s club-style MGA formation platform.
Richard Power, Partner at Altitude Risk Partners said: “General Insurance Corporation of India joining our capacity providers clearly demonstrates their belief in our fast-expanding specialist business. Since launching we have sought to make our mark by providing brokers and their clients with a new dynamic insurance market led by highly experienced underwriters. This formula has generated considerable global enthusiasm, which has in turn resulted in the need for us to secure more capacity to support our growth.”
Devesh Srivastava, Chief Executive Officer of General Insurance Corporation of India UK Branch said: “Our team has watched the development of Altitude with great interest. Their approach combines innovation and knowledge to deliver excellent results for both their clients and capacity providers, we see them as an ideal partner to further develop our position within the class of aviation and look forward to a long term mutually beneficial relationship.”
Mark Birrell, CEO of Castel, said: “Altitude is a great success story and confirmation that launching a business on the flexible Castel platform enables entrepreneurial underwriters to both launch quickly and easily scale-up as demand increases. General Insurance Corporation of India’s commitment will help to fuel continual growth and the development of additional product lines, which in turn will enable Altitude to increase its presence in the global aviation and space markets.”
For further information, please contact:
Concise PR – Public relations for Altitude and Castel
Mobile: +44 (0) 7949 422 257
Tel: +44 (0) 20 7100 3960
Mobile: +44 (0) 7710 665 615
Tel: +44 (0) 207 100 3960
Public relations for General Insurance Corporation of India
Tel: +91 22 22867597
Tel: +91 22 22867592
Altitude Risk Partners
London based Altitude is a division of Castel Underwriting Agencies Limited that specialises in global aviation and space risks.
Established in 2014, Altitude is a niche, entrepreneurial and dynamic business that employs a team of highly experienced underwriting and claims professionals.
General Insurance Corporation of India
The Indian Reinsurer is a dominant international player with a gross premium income of over USD 2.5 bln with total assets of USD 12.5 bln.
In the Aviation line of business GIC Re has a global book built up over the last 4 decades. With its expertise, GIC Re offers significant capacity and is a dominant player in the Aviation market, writing almost every major airline in the world and underwriting all other facets of the aerospace business.