Medical & Commercial International completes management buyout from Castel
17 September 2020
17 September 2020 – Medical & Commercial International (MCI), a division of Castel Underwriting Agencies Ltd (Castel), has today completed a management buyout from the club-style MGA formation platform.
MCI, a specialised casualty underwriting business, launched on the Castel MGA platform in 2015. Today it writes over $50m of annual gross written premium across its main classes: Life Sciences (including clinical trials), Health Sciences (including medical malpractice) and International General Liability. Following completion of the transaction, MCI will be majority owned and controlled by its management team, led by chief executive Philip Trafford.
Castel’s MGA model provides the opportunity for its underwriting businesses to become independent through a mutually agreed exit strategy after four to seven years.
Mark Birrell, chief executive of Castel said:" Phil and the team have built a strong, sustainable business. Castel has a singular focus on supporting its underwriting businesses to achieve maturity and flourish as MGAs. The growth MCI has achieved since launching on our platform is testament to their market knowledge and robust plan. We wish MCI every success on this next phase of their development.”
Philip Trafford, chief executive of MCI, commented: “MCI’s specialised and disciplined underwriting approach has enabled a successful business to be built over the course of the last 5 years. Castel’s support incubating MCI in these formative years has been an important factor in preparing the business for this moment. We are very much looking forward to the next exciting phase of MCI’s journey”
For further information, please contact:
Full Circle Corporate Communications
Mobile +44 (0) 7710 665615
Tel: +44 (0)20 7265 7887
Notes to editors
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 and global property facultative reinsurance.
- Construction and Engineering Centre of Excellence which supports construction and Inherent defect insurance.
- Warranty and Indemnity Centre of Excellence which supports Western European M&A transactions and tax risk insurance for liabilities in Europe.
- 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.
- 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.
About Arch Insurance International
Arch Insurance International is part of Arch Capital Group Ltd. and includes Arch Insurance UK and the P&C insurance operations of Arch Insurance (EU) dac, as well as Arch’s insurance operations in Europe, Bermuda and Australia.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $13.10 billion in capital at March 31, 2020, provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
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