Tide Forsikring selects Vecta Risk Partners for tailored travel and PA insurance scheme
24 May 2017
London, 24th May 2017 – Vecta Risk Partners (Vecta), the specialist accident & health, travel and lifestyle insurance division of Castel Underwriting Agencies Limited, has secured its first European scheme with its appointment to underwrite annual travel and personal accident covers for Tide Forsikring (Tide), a provider of motor, property, yacht, accident and health and children’s insurances, through a network of franchise offices across Norway.
The scheme is underwritten by London company market capacity and was facilitated by broker CJ Coleman. Reflecting the importance of the claims service in the travel and personal accident classes, Vecta has also re-engineered the scheme’s claims process.
This is the third specialty scheme secured by Vecta since it launched on Castel’s MGA platform in January 2017.
Vyv Townend, Partner at Vecta said: “This new scheme with Tide demonstrates Vecta’s ability to provide a complete solution that encompasses both responsive and flexible underwriting and effective and customer-focused claims management. Our MGA operating model has enabled us to develop and deliver this scheme within two months, which we see as a key differentiator within this specialist sector.”
Ben Coleman, Chairman at CJ Coleman, said: “Vecta’s response to securing and delivering this scheme has been exceptional and demonstrates they offer a clear alternative to traditional providers. Their considerable underwriting expertise and operational experience from day one was an important factor in enabling us to meet Tide’s commitment of providing personal service that puts their customers first.”
For further information, please contact:
Full Circle Communications
Alex Wise Mobile +44 (0) 7710 665 615
Tel: +44 (0)20 7265 7887
Notes to editors:
Vecta Risk Partners
Vecta provides specialist group and individual Accident & Health coverages, writing bespoke and innovative products and schemes distributed through brokers, affinity groups and e-trading platforms. Vecta is a division of Castel Underwriting Agencies Limited, an MGA formation platform, and has capacity provided by Aspen Insurance UK and Inter Hannover.
Learn more about Vecta Risk Partners at www.vectarisk.com.
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:
• Altitude Risk Partners, which underwrites airlines, aerospace manufacturing products, general aviation, war and space business.
• Castel Specialty, which supports talented and entrepreneurial individual underwriters who have smaller books of niche business. The first product to launch was for forestry physical damage insurance
• 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