Newbridge Risk Partners has launched operations on Castel Underwriting Agencies MGA formation platform, targeting political violence and terrorism risks in emerging markets.
The new underwriting cell will be focused on the emerging markets regions including, but not limited to, MENA and the Gulf States, Sub-Saharan Africa, Latin & South America and Asia regions. It will distribute its products via the London market and overseas brokers.
Newbridge is led by Chris Kirby and Henry Buchanan, who are both partners in the business. Kirby previously led the political violence team at IGI. He has a 20-year insurance career focused on crisis management and, in particular, political violence, terrorism, political risk, credit and war related perils both from underwriting and broking perspectives. Buchanan has over 10 years’ experience, most recently as deputy underwriter on the political violence and terrorism underwriting team at Chaucer Syndicates.
Newbridge joins Altitude Risk Partners, its sister underwriting cell on the Castel MGA platform, which focuses on aerospace business. Its capacity is provided by a number of Lloyd’s syndicates.
Commenting on the launch of Newbridge, Kirby said: “Over the last 15 years the world has witnessed the evolution of global terrorism and the largest financial collapse since the 1930s. Changes to the regulatory environments in which the insurance market and our clients operate have not only posed challenges, but also created great opportunities for new political violence and terrorism risk management and insurance product development.
“By focusing on emerging markets, Newbridge intends to work with both London and international brokers to provide innovative solutions that meet the unique needs of clients trading in these ever changing political and business environments.”
Mark Birrell, CEO of London-based Castel said: “Clients in emerging markets are increasingly demanding specialist insurance cover backed by highly rated paper to protect their growing interests. By combining both on the Castel platform, the experienced Newbridge team is in an ideal position to work with knowledgeable brokers to deliver products specifically designed to meet the fast pace of change often experienced in these regions.”
Source: Castel Underwriting Agencies
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