Castel enters Construction and Engineering Market
16 October 2019
16 October 2019 – Castel Specialty, a division of club-style MGA formation platform Castel Underwriting Agencies Limited, has entered the construction and engineering market with a new proposition primarily aimed at the UK, North American, Australia and Canada as well as other key territories.
Heading up the new offering is Colin Rose, who has joined Castel from Beazley. Rose was head of construction and engineering at the specialty insurer and has over 30 years’ worldwide underwriting experience. The initial focus will be on small to medium scale projects and annual business, particularly related to general buildings, power generation, oil and gas, manufacturing and heavy industries.
Backed by SCOR UK Company Ltd and Arch Insurance (UK) Ltd, Castel is entering the market as conditions have changed and will continue changing significantly, according to Rose. “Terms and conditions in the construction and engineering market have improved and will continue to do so as prior years deteriorate. Significant losses over recent years combined with a softening construction insurance market globally for over 10 years have led to the improving conditions for carriers; it’s a good time to be entering the market.”
Mark Birrell, chief executive of Castel, said:
“Colin’s ability to produce profitable results despite the previous prevailing soft market conditions made him a standout choice as we enter this new market. He has a strong reputation as a lead underwriter and with treaty reinsurers. We are very confident that he will be able to build on his ability to grow a profitable book of business with Castel.”
For further information, please contact:
Full Circle Communications
Mobile +44 (0) 7710 665615
Tel: +44 (0)20 7265 7887
Notes to editors
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:
- Castel Specialty which supports talented and entrepreneurial individual underwriters who have smaller books of niche business including construction all risks and inherent defects insurance, bloodstock risks, political risk, marine and global property facultative reinsurance.
- 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.
- Transact Risk Partners - which underwrites warranty and indemnity insurance for Western European M&A transactions and tax risk insurance for liabilities in Europe.
- 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.
- Weald Risk Partners which underwrites forestry and tree plantations globally, offering extensive technical expertise at a global level, including risk assessment and risk profiling, preparation of market presentations and programme design.
- 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.