Home Who we are News & Media Castel expands specialty division with global construction

Castel expands specialty division with global construction

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.