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.

ENDS

For further information, please contact:
 

Full Circle Communications
Alex Wise

Mobile +44 (0) 7710 665615
Tel:  +44 (0)20 7265 7887 
Email awise@fullcirclecomms.co.uk

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.

Cautionary Note Regarding Forward-looking Statements

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.

Forward−looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and our ability to maintain and improve our ratings; investment performance; the loss of key personnel; the adequacy of our loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events; the effect of contagious diseases (including COVID-19); the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; our ability to successfully integrate, establish and maintain operating procedures as well as integrate the businesses we have acquired or may acquire into the existing operations; changes in accounting principles or policies; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; availability and cost to us of reinsurance to manage our gross and net exposures; the failure of others to meet their obligations to us;  changes in the method for determining the London Inter-bank Offered Rate (“LIBOR”) and the potential replacement of LIBOR and other factors identified in our filings with the U.S. Securities and Exchange Commission. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward−looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. We undertake no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise.

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