Castel Specialty, the division of club-style MGA formation platform Castel Underwriting Agencies Ltd., has added a global property facultative reinsurance offering to its portfolio.
Paul Witzenfeld joins Castel Specialty to underwrite a book of global property facultative reinsurance business targeting large-scale risks. Capacity has been provided by syndicates at Lloyd’s, said London-based Castel Specialty. (The company did not release the amount of the capacity provided).
Witzenfeld was previously head of North American property at Pen Underwriting and has over 20 years of underwriting experience in the Lloyd’s and London markets, including senior roles with ACE Global Markets (now Chubb) and Liberty Syndicates.
“Paul has the underwriting experience and proven track record that our Specialty division was established to support,” said Mark Birrell, chief executive of Castel Underwriting Agencies. “The continuing expansion of Castel Specialty is further evidence of the opportunities that are available for niche underwriters with the appetite and ability to build their own books of business.” (Castel Underwriting Agencies Ltd., part of Barbican Insurance Group, provides entrepreneurial underwriters with capacity and a fast-track route to creating their own businesses.)
“Castel Specialty provides the operating structure that enables underwriters to focus on trading, distribution relationships and building their book,” commented Witzenfeld.
Castel Specialty provides the infrastructure, capacity and business support required to enable experienced underwriters to underwrite their own books of business. Underwriters are rewarded and incentivized according to the profitability of their individual books of business, Castel explained.
Source: Castel Specialty
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