Newly-launched managing general agency Verve Risk Partners plans to target U.S. professional and management liability risks, focusing on insurance companies and captives as well as insurance agents and brokers.
The London-based MGA has been launched by Castel Underwriting Agencies Limited, a member of the Barbican Insurance Group of companies.
According to the announcement, Verve’s portfolio will include errors and omissions (E&O) and directors and officers (D&O) coverage for rated and non-rated public, private, mutual and captive insurance companies and risk retention groups, public and private insurance brokers and agents, managing general agents and managing general underwriters, third party administrators and program and captive managers.
The new underwriting facility has capacity provided by a number of Lloyd’s syndicates that have previously supported Verve’s underwriters.
Verve is being led by Scott Simmons and Alan Lambert, who are both partners in the business.
Simmons has 16 years’ experience underwriting U.S. management and professional liability lines. He is a former North American financial lines underwriter with AIG where he underwrote and serviced a portfolio of public and private clients for commercial and financial institutions. In 2012, he established and led a U.S. professional and management liability unit with Aquila Underwriting.
Lambert has worked in the London market for 15 years specializing in U.S. professional, financial and management liability insurance. He began his career as a broker servicing open market placements and delegated binding authorities with both London and U.S- based carriers. He was previously in Aquila’s professional and management liability unit, focusing on risk analysis, underwriting and client development.
Verve is the fifth cell to be launched on the Castel platform and joins: Altitude Risk Partners, underwriting airlines, aerospace manufacturing products, general aviation, war and space business; Medical and Commercial International, writing general medical and pharmaceutical liability business on an international basis; Newbridge, writing a political violence portfolio focused on emerging markets in MENA, Sub-Saharan Africa, Latin and South America and Asia regions; and one Facultative Acceptances, underwriting property and engineering facultative reinsurance portfolios for risks located in Africa.
Source: Castel Underwriting Agencies
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