Vecta Risk Partners targets accident & health insurance growth with launch on Castel’s MGA platform
9th January 2017 – Vecta Risk Partners (Vecta) has launched today as an underwriting cell on the Castel Underwriting Agencies Limited (Castel) MGA formation platform to target accident & health (A&H), travel and lifestyle insurance business across the UK and European Economic Area (EEA). Vecta will focus on specialist group and individual A&H coverages, writing bespoke and innovative products and schemes distributed through brokers, affinity groups and e-trading platforms. The new cell has capacity provided by Aspen Insurance UK and Inter Hannover.
The Vecta team is Richard Gorely, Andy Juggins and Vyv Townend, who are all partners in the business. All three held senior roles with Chubb Insurance Company of Europe prior to launching Vecta.
Richard Gorely, who is responsible for client and broker relations, has over 25 years’ experience in product and business development, and marketing in the general insurance affinity sector.
Andy Juggins is responsible for underwriting at Vecta. In his 30year insurance career, he has also held senior management and underwriting roles in the A&H and travel market including at AIG, Direct Line Group and GE Insurance.
Vyv Townend has responsibility for operational delivery. He has nearly 25 years’ experience in IT and operational strategy supporting A&H business across Europe, and management consultancy services for brokers and insurers in the London market.
Richard Gorely, Managing Partner at Vecta, said: “Success in the A&H class is not just about expert underwriting. Product innovation, responding to the evolving needs of customers, supported by responsive distribution partners and strong operational structures are all important factors. The Castel platform provides Vecta with a flexible and responsive infrastructure that enables us to focus on developing and delivering coverages and high service standards across our extensive client base in the A&H market.”
Mark Birrell, CEO of Castel said: “The A&H market offers experienced and innovative underwriters profitable growth opportunities. The Vecta team brings proven market experience and knowledge across the A&H value chain which, combined with the support of our formation platform, will provide brokers and affinity markets with access to relevant carriers and competitive products.”
Vecta is the seventh underwriting business to be launched on the Castel platform.
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
Photography: Vecta Risk Partners LLP targets A&H growth in UK and EEA with launch on Castel’s MGA platform. Vecta partners from left: Richard Gorely, Andy Juggins and Vyv Townend
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.
Castel’s other underwriting cells include:
- Altitude Risk Partners, which underwrites airlines, aerospace manufacturing products, general aviation, war and space business.
- 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.
- One Facultative Acceptances which underwrites property and engineering facultative reinsurance portfolios for risks located in Sub-Saharan Africa.
- Verve Risk Partners which underwrites US professional and management liability risks, focusing on insurance companies and captives as well as insurance agents and brokers.
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.