Castel expands specialty division with global construction

20 July 2017

Castel expands specialty division with global construction

20 July 2017 – Castel Specialty, a division of Castel Underwriting Agencies Limited (Castel) the club-style MGA formation platform, which supports individual underwriters with smaller books of niche business, has expanded its portfolio with the launch of Castel Construction.

Led by Peter Wallace, Castel Construction writes construction all risks (CAR) and inherent defects insurance (IDI) business on a worldwide basis. Capacity is provided through Lloyd’s and the London company market.

Castel Construction is working with regional distribution partners with  strong local market knowledge, specialism and experience to identify and develop new opportunities in CAR and IDI classes not entering the Lloyd’s and London markets.

IDI fills the gap in standard property policies where inherent defects are excluded. The cover is supported by a group of specialist and internationally recognised insurance specialist consulting engineers and inspection agencies

Prior to joining Castel Speciality, Peter was CAR and EAR underwriter with Munich Re, writing across all sizes of risks on a global basis. Previously, he was underwriting and claims manager for the Middle East and North Africa with Infrassure, a prime infrastructure insurer specialist.  Peter is a chartered civil engineer with extensive global construction and major infrastructure project experience.

Commenting on the expansion of the Castel Specialty, Mark Birrell, Castel’s CEO, said: “Peter joining Castel clearly demonstrates our appetite to support high quality and expert niche underwriters. Providing the infrastructure and wider support to enable individual underwriters to focus on developing and building profitable books of business is proving an attractive proposition.”

Peter Wallace said: “Alongside the operational aspects, Castel provides access to high quality underwriting and claims expertise, capacity provision and the ability to share insight and cross-selling opportunities with other underwriting teams. Castel Speciality provides a strong base from which to respond effectively to the gaps and product opportunities that the construction classes offer.”

Castel Specialty provides the infrastructure, capacity and business support required to support talented and entrepreneurial individual underwriters to begin writing their own books of business quickly. Underwriters are rewarded and incentivised according to the profitability of their individual book of business. Peter Wallace joins Gordon Steward in Castel Specialty, who is writing forestry physical damage business worldwide.

Ends


Notes to editors

Castel

Castel Underwriting Agencies Limited, part of Barbican Insurance Group, 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.

Learn more about Castel at www.castelmga.com.

Castel’s underwriting cells include:
 
• Altitude Risk Partners, which underwrites airlines, aerospace manufacturing products, general aviation, war and space business.
• Castel Specialty which supports talented and entrepreneurial individual underwriters who have smaller books of niche business including forestry physical damage and construction.
• Medical & Commercial International (MCI) which underwrites general medical and pharmaceutical liability business on an international basis.
• Newbridge Risk Partners which underwrites a political violence portfolio focused on emerging markets - MENA, Sub-Saharan Africa, Latin and South America and Asia regions.
• Nirvana Risk Partners which underwrites media, technology and cyber liability risks for small and large enterprises on a global basis.
• Vecta Risk Partners which underwrites specialist group and individual accident & health, travel and lifestyle coverages distributed through brokers and affinity e-trading platforms.
• Verve Risk Partners which underwrites US professional and management liability risks, focusing on insurance companies and captives as well as insurance agents and brokers.
• Yachtpod Risk Partners which underwrites specialist coverages including hull and machinery, increased value, war, medical expenses, mortgagee’s interest and loss of charter hire risks for superyacht owners, captains, and managers on a worldwide basis.