Castel’s Square Pegs SME e-trading solution becomes standalone underwriting cell and expands commercial product range
20 May 2021
20 May 2021 – Square Pegs, which offers brokers specialist business insurance coverage for complex and unusual SME risks via a dedicated e-trading platform, has become a standalone underwriting cell within Castel Underwriting Agencies Limited (Castel).
The move is in response to strong profitable business growth since launching as part of Castel’s specialty division in 2019. Square Pegs enables brokers to obtain coverage for more challenging risks, 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. Brokers use Square Pegs' flexible online trading platform to quote and easily manage their portfolio of risks that may not fit the acceptance criteria for other insurers.
Square Pegs has also expanded its product range with the launch of Square Pegs Full Business which adds property damage coverage to the existing liability product range for small and micro businesses. Square Pegs Full Business also enables brokers to quote and bind on a wider range of industry sectors including manufacturing, engineering and distribution in addition to the contracting trades for which the Square Pegs is best-known.
The new underwriting cell will continue to be led by Stuart Dickinson, a former head of commercial at Chaucer Insurance (now Markerstudy) with over 30 years’ experience in commercial underwriting.
Commenting on the launch and expanded product range, Stuart Dickinson said: “Square Pegs has seen strong growth on the Castel platform. This reflects both the gap that exists in the market and our drive to make it easier for brokers to access cover for the more complex and unusual needs of SMEs.
“Our launch as a standalone underwriting cell within Castel means we can continue growing our portfolio as we have done today with a new combined commercial product, enhancing our offering to more brokers looking for coverage solutions for their clients’ often more difficult to place risks.”
Mark Birrell, chief executive of Castel, said: “The success of Stuart and the team demonstrates how Castel can support entrepreneurial and expert underwriters to launch and grow specialty businesses quickly. We will continue in invest in Square Pegs to ensure they can build on this success and create a sustainable and profitable business meeting a clear need for specialist coverage.”
For further information, please contact:
Full Circle Communications
Mobile +44 (0) 7710 665 615
Tel: +44 (0)20 7265 7887
Notes to editors
Square Pegs Full Business product includes coverage for:
- Buildings and Contents
- All Risks
- Business Interruption
- Loss of License
- Money and Personal Accident Assault
- Employee Theft
- Goods In Transit
- Contractors All Risks
- Commercial Legal Expenses
The product is designed for small and micro businesses (0 to 10 employees), with turnovers typically below £2m and premium spends in the range of £500 to £10,000.
Castel Underwriting Agencies Limited, part of Arch Insurance International, is an independent trading company and 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:
- Specialty Centre of Excellence which supports talented and entrepreneurial individual underwriters who have smaller books of niche business including bloodstock risks, political risk, marine, renewable energy and global property facultative reinsurance.
- Construction and Engineering Centre of Excellence which supports construction and Inherent defect insurance.
- Marine Centre of Excellence which supports marine cargo, hull and liability classes of business in the UK and continental Europe with offices in London and Rotterdam.
- Square Pegs which underwrites liability and property coverage for UK micro and small businesses via a dedicated e-trading portal
- 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 U.S. professional and management liability risks, focusing on insurance companies and captives as well as insurance agents and brokers.
- 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.
Castel Underwriting Europe B.V. (Castel Europe) is the European subsidiary of Castel Underwriting Agencies Limited (Castel). Its divisions include Transact, which provides tailored warranty and indemnity and tax risk insurances for European-based organisations, Castel Marine, which writes Dutch and Belgian domiciled marine cargo, hull, land-based equipment and liability business, based in Rotterdam and Arena N.V., a Belgian-based specialist accident and health (A&H) MGA.