Castel promotes Benelux M&A and European tax team to standalone underwriting cell
18 March 2019
London, 18 March 2019 – Following its continued growth, Castel Underwriting Agencies Limited (Castel) has promoted Transact Risk Partners (Transact) from a division within the Castel Specialty portfolio to a standalone underwriting cell on its MGA formation platform.
Transact has expanded significantly, since its launch in October 2017, and provides warranty and indemnity insurance for merger and acquisition transactions and tax risk insurance for tax liabilities across Europe.
The Transact team is led by Sammy Shihab and is based in Castel’s European branch office in Amsterdam.
Mark Birrell, chief executive of Castel, said: “The success of Transact further demonstrates Castel’s commitment to supporting entrepreneurial underwriters and teams and ability to support them in quickly establishing and growing profitable niche businesses.”
Sammy Shihab commented: “We have seen strong and sustained growth in the portfolio since becoming part of Castel. We have expanded the team and brought in experienced underwriters who have the dedicated in country expertise needed to respond to this increasing demand. The transition of Transact into a standalone underwriting cell, with the continuing support of Castel, will enable us to further expand our specialist capabilities, build on our success and continue to grow profitable opportunities across Europe.”
Castel Specialty provides the infrastructure, capacity and business support required to enable experienced underwriters to underwrite their own books of business. Underwriters are rewarded and incentivised according to the profitability of their individual books of business.
For further information, please contact:
Full Circle Communications
Mobile +44 (0) 7710 665 615
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, political risk 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.