Vecta Risk Partners completes management buyout from Castel
5 July 2021
5 July 2021– Vecta Risk Partners (Vecta), a division of Castel Underwriting Agencies Ltd (Castel), has today completed a management buyout from the club-style MGA formation platform.
Vecta, which launched on the Castel platform in 2017, writes specialist group and individual accident & health (A&H), travel and lifestyle insurance business across the UK and Europe. The management buyout was led by Vecta’s partners Richard Gorely, Andy Juggins and Vyv Townend.Richard Gorely, Managing Partner at Vecta, said: “Launching Vecta on the Castel platform enabled us to come to market quickly and develop and deliver innovative product solutions directly addressing the needs of a wide range of A&H clients. The infrastructure and support provided by Castel has helped us to reach this point and provided the foundation for the next phase of our business growth.”
Mark Birrell, Chief Executive Officer of Castel, said: “Vecta is a good example of the niche and specialty lines business we look to support. This is the fourth underwriting cell to leave the Castel fold after launching and successfully growing on the platform which validates our business model. We wish Vecta every success in the future.”
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Full Circle Corporate Communications
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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, accident & health, political risk, marine, facultative reinsurance, and renewable energy.
- 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.
- 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.