Vecta wedding insurance scheme to launch Wedinsure
9 February 2017 – Vecta Risk Partners (Vecta), the specialist accident & health, travel and lifestyle insurance division of Castel Underwriting Agencies, has secured its first specialty scheme just one month after the firm launched, following its appointment as underwriter for new online wedding insurance provider, Wedinsure. Wedinsure is a trading name of Genesis Choice Ltd and is a new distributor of wedding insurance to UK residents who are planning a wedding either in the UK or overseas. The company offers comprehensive cover through a dedicated website www.wedinsure.co.uk.
Under the scheme, Vecta provides cover ranging from £2,500 up to £65,000 for a tiered insurance product, designed to meet the needs of different sized weddings and budgets. The cover extends from cancellation and rearrangement costs, through to failure of suppliers and personal accident insurance. Vecta secured the scheme following a competitive tender process.
Richard Gorely, Partner at Vecta, said: “The wedding insurance market remains a relatively underdeveloped area, compared to other personal lines insurance products. Wedinsure’s extensive knowledge and experience in the marketing of wedding insurance enables them to take advantage of the opportunities which exist in this sector. This is a great example of how our underwriting, product development, marketing and operational delivery expertise can be harnessed to launch an innovative insurance solution in a very short period without cutting corners.”
Terry Martin, Managing Director of Genesis Choice, said: “Vecta has been an active partner in the development of Wedinsure’s plans and enabled us to come to market quickly. They have not only been able to respond to our needs for flexibility, responsiveness and a competitive product but, are also looking ahead with us to how we can enhance the offering with more tailored coverages.”
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.
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.
- 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.