Castel acquires Dutch marine business from The Hartford
17 July 2020
17 July 2020 – Castel Underwriting Europe B.V. (Castel Europe), a subsidiary of Castel Underwriting Agencies Limited (Castel), the club-style MGA formation platform, has today entered in an agreement with The Hartford to acquire the renewal rights for Navigators Europe, the trading name of the Bracht, Deckers & Mackelbert NV (BDM)/ASCO Continentale Verzekeringen NV (ASCO), Rotterdam marine business.
The renewal rights agreement includes a book predominantly of Dutch marine cargo, inland hull, land-based equipment and liability business. The Navigators Europe marine underwriting team based in Rotterdam will transfer to Castel Europe under the agreement, ensuring all relevant business continues to be handled by the same underwriting team. The team will continue to be led by Duco Teijema, as Marine Manager, Netherlands. Duco will report into Gert van Middelkoop, Head of Castel’s Marine Centre of Excellence.
Gert van Middelkoop said: “In a market experiencing significant levels of change being able to provide brokers and clients with continuity of cover and service is of crucial importance to us. Retaining expertise and proven track record of Duco and the team is an important indicator of our commitment to the Dutch marine market. We are in a strong position to build our solutions in the Netherlands and across Europe.”
Mark Birrell, Chief Executive of Castel, said: “This renewal rights agreement is significant for us and enables Castel Europe to assume a leading position in the Dutch market. As importantly it brings into Castel, the skills, experience and products needed to support the development and delivery of our European expansion plans which is a key part of our strategy.”
The move follows the launch of Castel’s Marine Centre of Excellence in June 2020 with teams in London and Rotterdam focused on all classes of marine business.
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Notes to editors
Castel Europe is authorised and regulated by the Autoriteit Financiële Markten, (AFM) and provides a platform to develop and launch specialty underwriting cells, as well as supporting individual underwriters with books of niche business, across Europe.
Castel Underwriting Agencies Limited, part of Arch Insurance International, is an independent trading company and 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:
- Specialty Centre of Excellence which supports talented and entrepreneurial individual underwriters who have smaller books of niche business including bloodstock risks, political risk, marine and global property facultative reinsurance.
- Construction and Engineering Centre of Excellence which supports construction and Inherent defect insurance.
- Warranty and Indemnity Centre of Excellence which supports Western European M&A transactions and tax risk insurance for liabilities in Europe.
- Marine Centre of Excellence which supports marine cargo, hull and liability classes of business in the UK and continental Europe.
- Medical & Commercial International (MCI) which underwrites general medical and pharmaceutical liability business on an international basis.
- 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 U.S. 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.
About Arch Insurance International
Arch Insurance International is part of Arch Capital Group Ltd. and includes Arch Insurance UK and the P&C insurance operations of Arch Insurance (EU) dac, as well as Arch’s insurance operations in Europe, Bermuda and Australia.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $13.10 billion in capital at March 31, 2020, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
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The Private Securities Litigation Reform Act of 1995 (“PSLRA”) provides a “safe harbor” for forward-looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries may include forward−looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward-looking statements. Forward-looking statements, for purposes of the PSLRA or otherwise, can generally be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” and similar statements of a future or forward-looking nature or their negative or variations or similar terminology.
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