Castel promotes Weald Risk Partners to standalone business
23 April 2018 Castel Underwriting Agencies Limited (Castel), has promoted Weald Risk Partners from a division within the Castel Specialty portfolio to a standalone underwriting cell on the Castel club-style MGA formation platform. Gordon Steward, who heads Weald Risk Partners, was the first underwriter to join Castel Specialty following the division’s creation in 2016.
Castel Specialty provides the infrastructure, capacity and business support required to enable experienced underwriters to underwrite smaller books of niche business. Underwriters are rewarded and incentivised according to the profitability of their individual books of business.
Weald Risk Partners writes forestry physical damage business on a worldwide basis. Steward is a recognised market leader with over a decade of experience within the forestry insurance market. Capacity for the business is provided by Fidelis and certain Lloyd’s syndicates.
Castel’s CEO, Mark Birrell said: “Weald Risk Partners’ success in making the transition to a standalone cell highlights the value of Castel Specialty in helping quality underwriters, such as Gordon, establish businesses in niche markets. Castel Specialty exists to support such ventures by allowing underwriters to focus on building their business, whilst we take care of all operational needs and start-up capital.”
Gordon Steward added: “Castel’s understanding and support of Weald Risk Partners’ business plan has been fundamental to our growth over the last 18 months. Mark and his team have provided the operational infrastructure needed to turn a niche book of business into a full insurance business. I look forward to further developing the business and exploring more profitable underwriting growth opportunities.”
For further information, please contact:
Full Circle Communications Alex Wise
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Notes to editors
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 including forestry physical damage, construction all risks and inherent defects insurance, M&A and tax warranty and indemnity covers and political risk.
- 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 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 US professional and management liability risks, focusing on insurance companies and captives as well as insurance agents and brokers.
- Weald Risk Partners which underwrites forestry and tree plantations globally, offering extensive technical expertise at a global level, including risk assessment and risk profiling, preparation of market presentations and programme design.
- 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.