Altitude Risk Partners, Castel’s global aviation and space underwriting business, announced that it “has added the General Insurance Corporation of India [GIC], the world’s 15th largest reinsurer, to its aviation capacity providers.
“The Indian government owned business joins existing capacity providers Barbican Syndicate 1955, HDI-Gerling Industrie Versicherung AG, Sompo Japan Nipponkoa Insurance Inc., China Pacific Property Insurance Company Ltd and Trans Re.”
Through Altitude, Castel underwrites airlines, manufacturing products, general aviation, war and space business. Altitude was launched at the beginning of 2014 as the first underwriting cell to utilize Castel’s club-style MGA formation platform.
Richard Power, Partner at Altitude Risk Partners said: “General Insurance Corporation of India joining our capacity providers clearly demonstrates their belief in our fast-expanding specialist business. Since launching we have sought to make our mark by providing brokers and their clients with a new dynamic insurance market led by highly experienced underwriters. This formula has generated considerable global enthusiasm, which has in turn resulted in the need for us to secure more capacity to support our growth.”
GIC’s UK Branch CEO Devesh Srivastava added: “Our team has watched the development of Altitude with great interest. Their approach combines innovation and knowledge to deliver excellent results for both their clients and capacity providers, we see them as an ideal partner to further develop our position within the class of aviation and look forward to a long term mutually beneficial relationship.”
Castel’s CEO Mark Birrell described Altitude as a “great success story and confirmation that launching a business on the flexible Castel platform enables entrepreneurial underwriters to both launch quickly and easily scale-up as demand increases. General Insurance Corporation of India’s commitment will help to fuel continual growth and the development of additional product lines, which in turn will enable Altitude to increase its presence in the global aviation and space markets.”
Source: Castel Underwriting
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