3 October 2016Actuarial & underwriting

Castel introduces specialty division to support underwriters

Castel Underwriting Agencies (Castel), the club-style managing general agent (MGA) formation platform, has launched a new speciality division to support talented and entrepreneurial individual underwriters who have smaller books of niche business.

Castel Specialty sits within Castel’s MGA operation alongside established underwriting cells Altitude Risk Partners, Medical & Commercial International, Newbridge Risk Partners, One Facultative Acceptances and Verve Risk Partners.

It provides the infrastructure, capacity and business support required to enable experienced underwriters to join and begin writing their own books of business within weeks. They will also be rewarded and incentivised according to the profitability of their individual book of business.

As a result of the launch of Castel Specialty, the underwriting agency can now provide start-up facilities for the creation of any size of underwriting business from an individual expert to a large group of specialists.

First to join Castel Specialty is Gordon Steward, writing forestry physical damage business worldwide, and who has over a decade’s experience of developing and underwriting in this class.

Prior to Castel, Steward has had 30 years of experience in the insurance industry and was head of the forestry department and lead forestry underwriter at International General Insurance UK and has held class underwriter and business development roles with XL Catlin and Forest Re.

He is developing a portfolio of commercial forestry coverages for predominantly southern hemisphere based risks while exploring market opportunities in North America. Capacity for the business is being provided by Fidelis Insurance and Lloyd’s syndicates.