Altitude Risk Partners launches as the first underwriting cell on Castel’s MGA platform
21 January 2014
Altitude Risk Partners has today become the first underwriting cell to utilise the Castel Underwriting Agencies (Castel) club-style MGA platform to create a dynamic aerospace underwriting business.
Launched in London with capacity from Barbican Insurance Group, HDI-Gerling Industrie Versicherung AG and Sompo Japan Insurance Inc on a quota share basis, Altitude Risk Partners will underwrite a worldwide portfolio of airlines, manufacturing products, general aviation, war and space risks.
The founding underwriters of Altitude Risk Partners are David Godley, formerly senior underwriter, airlines and general aviation at Global Aerospace and Richard Power, formerly senior airline class underwriter at Catlin. They will be joined by Tim Wright, formerly group space underwriter at Global Aerospace. David, Richard and Tim between them have decades of experience in the aerospace insurance market. All three will be partners in the new venture alongside Castel itself. Further staff announcements will follow in due course.
Castel has been specifically developed to support the ambitions of innovative individuals or teams of underwriters in the London and wider insurance markets with niche and specialist books of business. In return for bringing their skills, knowledge and market contacts to Castel, underwriters will, over a period of time, be able to generate a significant stake in their own MGA business.
In addition to long-term stable capacity, Castel will provide Altitude Risk Partners with a comprehensive infrastructure including experienced management, scalable IT systems, creative marketing and sound regulatory and compliance practices. This support will be coupled with the flexible operational framework required to ensure a smooth, efficient and rapid route to market.
David Godley, partner at Altitude Risk Partners said: “The global aerospace insurance market relies on experienced underwriters, stable high quality capacity and efficient infrastructure to underwrite the complex risks presented. By launching Altitude Risk Partners on the Castel MGA platform we were able to bring all of these elements together without having to build our infrastructure from scratch. This will enable Altitude Risk Partners to provide added value to all our stakeholders.”
Mark Birrell, chief executive officer of Castel said: “Creating an underwriting business can be a daunting and lengthy process. By utilising Castel, Altitude Risk Partners has been launched quickly with the support of secure and highly-rated capital on a platform designed to deliver operational efficiency and sound regulatory practices. We very much look forward to working with David, Richard and Tim and expect Altitude Risk Partners to be joined within Castel by other entrepreneurial underwriting businesses during 2014.”
For further information, please contact:
Mobile: +44 (0) 7949 422 257
Tel: +44 (0) 207 100 3960
Mobile +44 (0) 7710 665 615
Tel: +44 (0) 207 100 3960
Castel Underwriting Agencies Limited, a member of the Barbican Insurance Group of companies, is a managing general agent (MGA) and club-style MGA formation platform focused on achieving success and driving innovation through collaboration. It provides experienced and entrepreneurial underwriters with stable capacity and a fast-track route to creating their own businesses. Castel is authorised and regulated by the Financial Conduct Authority.
Formed in 2007, Barbican Group Holdings is an insurance group writing business predominantly through its Syndicates at Lloyd’s. It also has a non-Lloyd’s financial solutions business based in Guernsey which offers commercial insurance and reinsurance programmes to the global market.
Barbican Syndicates at Lloyd’s have a stamp capacity of £250m for the 2014 year of account and underwrite cyber liability, financial and professional lines, healthcare liability, international casualty reinsurance, marine insurance, marine reinsurance, North American casualty reinsurance, property, property reinsurance and corporate, middle market and scheme/affinity group clients in the UK and Ireland.
HDI-Gerling Industrie Versicherung AG as an industrial insurer covers the needs of industrial and commercial customers for tailor-made insurance solutions. Alongside the outstanding profile of the company in the German market, the company also has operations in more than 130 countries through foreign branch offices, subsidiary and peer companies, and network partners. HDI-Gerling is a company in the Talanx Group. Talanx was the third-largest German insurance Group and the eighth-largest European insurance group in 2012 (based on gross written premium).
Sompo Japan Insurance
Sompo Japan Insurance Inc. provides property and casualty insurance products in Japan and internationally. The company was founded in 1888 and is headquartered in Tokyo, Japan.
Sompo Japan Insurance Inc. is a subsidiary of NKSJ Holdings, Inc. and Sompo Japan and Nipponkoa will legally merge on September 1, 2014 to form a new company Sompo Japan Nipponkoa Insurance Inc.
The new company Sompo Japan Nipponkoa Insurance Inc. will be Japan’s largest property & casualty (P&C) insurance company in terms of premiums written on a stand-alone basis.