Castel Underwriting Agencies Limited, a member of the Barbican Insurance Group, announced that Altitude Risk Partners has become the first underwriting cell to utilize its “club-style” MGA platform to create a dynamic aerospace underwriting business.
“Launched in London with capacity from Barbican Insurance Group, HDI-Gerling Industrie Versicherung AG and Sompo Japan Insurance Inc. on a quota share basis, Altitude Risk Partners will underwrite a worldwide portfolio of airlines, manufacturing products, general aviation, war and space risks,” said the announcement.
The bulletin noted that the “founding underwriters of Altitude Risk Partners are David Godley, formerly senior underwriter, airlines and general aviation at Global Aerospace and Richard Power, formerly senior airline class underwriter at Catlin,” and that they “will be joined by Tim Wright, formerly group space underwriter at Global Aerospace.” Their total experience in the aerospace insurance market spans three decades. All three will be partners in the new venture alongside Castel itself.
The announcement explained that “Castel has been specifically developed to support the ambitions of innovative individuals or teams of underwriters in the London and wider insurance markets with niche and specialist books of business. In return for bringing their skills, knowledge and market contacts to Castel, underwriters will, over a period of time, be able to generate a significant stake in their own MGA business.
“In addition to long-term stable capacity, Castel will provide Altitude Risk Partners with a comprehensive infrastructure including experienced management, scalable IT systems, creative marketing and sound regulatory and compliance practices. This support will be coupled with the flexible operational framework required to ensure a smooth, efficient and rapid route to market.”
David Godley, partner at Altitude Risk Partners said: “The global aerospace insurance market relies on experienced underwriters, stable high quality capacity and efficient infrastructure to underwrite the complex risks presented. By launching Altitude Risk Partners on the Castel MGA platform we were able to bring all of these elements together without having to build our infrastructure from scratch. This will enable Altitude Risk Partners to provide added value to all our stakeholders.”
Castel’s CEO Mark Birrell said: “Creating an underwriting business can be a daunting and lengthy process. By utilizing Castel, Altitude Risk Partners has been launched quickly with the support of secure and highly-rated capital on a platform designed to deliver operational efficiency and sound regulatory practices. We very much look forward to working with David, Richard and Tim and expect Altitude Risk Partners to be joined within Castel by other entrepreneurial underwriting businesses during 2014.”
Source: Castel Underwriting
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