Castel Specialty, a division of Castel Underwriting Agencies Ltd., has expanded its portfolio with the launch of Castel Construction.
London-based Castel Underwriting Agencies, part of Barbican Insurance Group, is a club-style MGA formation platform, which supports individual underwriters with smaller books of niche business.
Led by Peter Wallace, Castel Construction writes construction all risks (CAR) and inherent defects insurance (IDI) business on a worldwide basis. Capacity is provided through Lloyd’s and the London company market.
Castel Construction said it is working with regional distribution partners who have the local market knowledge, specialism and experience to identify and develop new opportunities in CAR and IDI classes, which are not entering the Lloyd’s and London markets.
The company explained that IDI fills the gap in standard property policies where inherent defects are excluded.
Prior to joining Castel Speciality, Wallace was CAR and erection all risks (EAR) underwriter with Munich Re, writing across all sizes of risks on a global basis.
Previously, he was underwriting and claims manager for the Middle East and North Africa with Infrassure, a prime infrastructure insurer specialist. Wallace is a chartered civil engineer with extensive global construction and major infrastructure project experience.
Commenting on the expansion of Castel Specialty, Mark Birrell, Castel’s CEO, said: “Peter joining Castel clearly demonstrates our appetite to support high quality and expert niche underwriters. Providing the infrastructure and wider support to enable individual underwriters to focus on developing and building profitable books of business is proving an attractive proposition.”
“Castel Specialty provides a strong base from which to respond effectively to the gaps and product opportunities that the construction classes offer,” Wallace said.
Castel Specialty, which is one of eight underwriting cells on the Castel Underwriting Agencies’ platform, explained in a statement that it provides entrepreneurial individual underwriters with the infrastructure, capacity and business support needed to begin quickly writing their own books of business. Underwriters are rewarded according to the profitability of their individual books of business.
Wallace joins Castel Specialty’s Gordon Steward, who writes forestry physical damage business worldwide.
Source: Castel Underwriting Agencies
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