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AM Best affirms ‘Excellent’ Performance Assessment for Castel

Affirmation of PA-2 Performance Assessment includes “excellent” scores on all five components

Castel Underwriting Agencies Ltd (Castel), including Castel Underwriting Europe BV, has received an affirmed Performance Assessment of PA-2 (Excellent) with a stable outlook, by credit rating agency AM Best. 

The assessment reflects Castel’s continued commitment to operational excellence in all areas, with a specific focus on underwriting capabilities, governance and internal controls, financial condition, organisational talent and depth and breadth of relationships.

Last year, Castel became the first UK MGA and one of the first MGAs globally to receive an AM Best Performance Assessment in the initial launch of the service.

Responding to the Performance Assessment, Mark Birrell, Chief Executive of Castel, said: “I’m delighted to see our “excellent” Performance Assessment with a stable outlook affirmed by AM Best for 2023, which is testament to the continued hard work and commitment of everyone at Castel in providing excellence across the business.

“We continue to support AM Best’s Performance Assessments, recognising the valuable role they play in providing insurance carriers with the assurance of working with a trusted organisation that demonstrates the highest standards across all aspects of its operations.”

AM Best announced its intention to evaluate delegated authority providers in March 2021, in response to the increasing number of MGAs globally and the growing amount of premium income they generate.