Castel Launches Square Pegs, and e-trading solution addressing complex and unusual small business risks
15 May 2019
15 May 2019 – Castel Specialty, the division of club-style MGA formation platform Castel Underwriting Agencies Limited that supports underwriters with niche business, has launched Square Pegs, an e-trade solution for brokers with complex and unusual small business risks.
Square Pegs offers brokers access to a broad range of commercial coverage through a flexible online trading platform, enabling them to quote and bind covers for a diverse spectrum of clients. Capacity is provided by an A-rated insurer.
Square Pegs is led by Stuart Dickinson who is the former head of commercial at Chaucer Insurance (now Markerstudy) and has over 30 years’ experience in commercial underwriting, including roles with Novae and AXA.
Speaking at the launch of Square Pegs at the BIBA conference in Manchester, Stuart commented:
“There are many standard ‘off-the-shelf’ products available for small businesses. These are great for businesses with straightforward insurance needs, what we call ‘round hole’ clients. However, for those businesses with more complex and unusual needs, the ‘square peg’ clients, cover is often difficult to obtain easily.”
“Our highly intuitive trading platform has been designed specifically with the needs of brokers in mind. It has the flexibility to enable brokers to quote for risks that may not fit the acceptance criteria for other insurers and enables them to easily manage their portfolios online.”
Square Pegs has schemes to accommodate a range of clients with more challenging coverage needs, including those with a complicated mixture of trade activities within a business, those operating in “high risk” locations or with non-standard or unusual product types and firms with prior financial difficulties including liquidation or bankruptcy.
Mark Birrell, chief executive of Castel, said:
“Square Pegs represents a further development in our capabilities, as our first cell using an online internet-based trading platform. This demonstrates the ability of Castel to utilise technology to maximise the distribution opportunities for brokers working with clients of different sizes and risk transfer needs. Stuart brings a wealth of expertise in commercial insurance and will enable us to provide an innovative and effective solution for far more complicated and challenging risks.”
For further information, please contact:
Full Circle Communications
Mobile +44 (0) 7799 178 687
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.