Castel Specialty adds marine specialty solution
5 February 2019
London, 1 February 2019 – Castel Specialty, the division of club-style MGA formation platform Castel Underwriting Agencies Limited that supports individual underwriters with books of niche business, has included specialist marine coverages to its portfolio with the addition of Seacurus.
Seacurus is led by Angus Bailey and underwrites a book focusing on revenue protection and credit default protection insurances for the shipping industry, including marine kidnap & ransom, hull war and seafarer abandonment business. Capacity is being provided by both Lloyd’s and company market insurers.
Bailey was formerly underwriter and account manager for marine special risks at Seacurus Limited, a wholly-owned subsidiary of the Barbican Insurance Group.
Mark Birrell, chief executive of Castel, said: “Angus operates in a dynamic market with growth potential for specialist coverages that address very specific client needs and exposures. This further expansion in our specialty division demonstrates the appetite we have to support specialist, entrepreneurial underwriters in building their own profitable books of business.”
Angus Bailey commented: “Castel Specialty provides the platform and infrastructure which enables us to focus on delivering the responsive underwriting and relevant products that are imperatives in this market. Whether it is coverage in the war and piracy high risk areas or offering a dedicated seafarer abandonment product, we are able to ensure the risks are responded to effectively wherever and whenever clients operate.”
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) 7384 466 791
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, M&A and tax warranty and indemnity covers 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.
- 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.