Castel Underwriting Agencies Ltd., the London-based MGA formation platform, has launched its first corporate underwriting cell, working with One Re, a specialist African-focused reinsurer, to target facultative reinsurance business across Sub-Saharan Africa.
The underwriting cell, called One Facultative Acceptances*, will be underwriting property and engineering facultative reinsurance portfolios for African-domiciled businesses.
The capacity is led by “A+” security rated XL Re Europe SE (an XL Catlin reinsurance company) and is supported by international company market security with a minimum rating of “A+”, Castel Underwriting said in a statement.
“One Facultative Acceptances marks an important strategic development for Castel. The launch of our first corporate underwriting cell is evidence of the robustness of our model and the appetite we have for growth across a variety of MGA underwriting businesses,” according to Mark Birrell, chief executive officer of Castel.
“With the support of our capacity, One Facultative Acceptances will look to take full advantage of the demand for reinsurance in this fast growing part of the world,” he added.
“Africa offers excellent opportunities if you know how to operate in its unique environment. The launch of One Facultative Acceptances combines our 20 years’ of African experience with exceptional global capacity and security, offering the London market a unique African risk solution…,” said Andrew Lewis, chief executive officer of One Re, which was recently authorized by the Prudential Regulation Authority and is regulated by the Financial Conduct Authority.
“We see Africa as a dynamic and growing marketplace,” said David Watson, chief executive, Reinsurance, EMEA and International Casualty at XL Catlin. “To develop this business with experienced professionals such as Andrew and the team at One Re is a unique opportunity for us as we continue to build out our geographic footprint.”
* One Facultative Acceptances, a division of Castel Underwriting Agencies Ltd., will sit alongside Castel’s established underwriting cells Altitude Risk Partners, Newbridge and Medical & Commercial International.
Source: Castel Underwriting Agencies Ltd.
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