11 May 2023Analysis

Verve Risk Partners completes management buy-out

Verve Risk Partners (Verve), a division of Castel Underwriting Agencies (Castel), has announced a management buyout from the club-style MGA formation platform.

Verve underwrites US professional and management liability risks, focusing on insurance companies and captives as well as insurance agents and brokers. The underwriting cell is led by Scott Simmons and Alan Lambert and has traded under the Castel formation platform since its formation in 2016.

Scott Simmons has over 20 years’ experience in US management and professional liability underwriting and is a former North American financial lines underwriter with AIG. Alan Lambert has over 25 years of broking and underwriting market experience, specialising in US professional, financial and management liability insurance.

Castel’s chief executive, Mark Birrell said: “Castel is focused on developing and growing successful and profitable underwriting businesses. We have worked with and supported Scott and Alan with this aim over the last seven years and I wish them, and the wider Verve Risk Partners team, continued success in the next stage of their development.”

Scott Simmons added: “The Castel platform has provided Alan and I with all the support needed to grow a successful MGA which we would like to thank them for. We look forward to trading independently in the future.”

Simmons is now director of Verve Risk Services.

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