Castel Specialty adds marine specialty solution
Castel Specialty, the division of club-style MGA formation platform Castel Underwriting Agencies Limited that supports individual underwriters with books of niche business, has included specialist marine coverages to its portfolio with the addition of Seacurus.
Seacurus is led by Angus Bailey and underwrites a book focusing on revenue protection and credit default protection insurances for the shipping industry, including marine kidnap & ransom, hull war and seafarer abandonment business. Capacity is being provided by both Lloyd’s and company market insurers.
Bailey was formerly underwriter and account manager for marine special risks at Seacurus Limited, a wholly-owned subsidiary of the Barbican Insurance Group.
Mark Birrell, chief executive of Castel, said:
“Angus operates in a dynamic market with growth potential for specialist coverages that address very specific client needs and exposures. This further expansion in our specialty division demonstrates the appetite we have to support specialist, entrepreneurial underwriters in building their own profitable books of business.”
Angus Bailey commented:
“Castel Specialty provides the platform and infrastructure which enables us to focus on delivering the responsive underwriting and relevant products that are imperatives in this market. Whether it is coverage in the war and piracy high risk areas or offering a dedicated seafarer abandonment product, we are able to ensure the risks are responded to effectively wherever and whenever clients operate.”
Castel Specialty provides the infrastructure, capacity and business support required to enable experienced underwriters to underwrite their own books of business. Underwriters are rewarded and incentivised according to the profitability of their individual books of business.