Castel launches division for niche underwriters; forestry specialist joins
Castel Underwriting Agencies, a managing general agent (MGA) formation platform, has introduced a specialty division to support individual underwriters who have smaller books of niche business.
The division, Castel Specialty, provides infrastructure, capacity and business support required to enable experienced underwriters to join and begin writing their own books of business within weeks.
Castel now offers start-up facilities for the creation of any size of underwriting business.
The first underwriter to join Castel Specialty is Gordon Steward, writing forestry physical damage business worldwide.
Steward has 30 years of insurance experience – ten of which in forestry – having most recently served as head of the forestry department and lead forestry underwriter at International General Insurance UK.
Prior to this, he has held class underwriter and business development roles with Catlin and Forest Re.
Steward is currently developing a portfolio of commercial forestry coverages for predominantly southern hemisphere based risks while exploring market opportunities in North America, with capacity provides by Fidelis Insurance and Lloyd’s syndicates.
Mark Birrell, CEO of Castel, said: “Castel Specialty enables us to enter new niche markets very swiftly and take full advantage of proven expertise and profitable underwriting growth opportunities.
“Gordon is a good example of the type of niche expert underwriter we are keen to support in Castel Specialty. We believe our approach will be very appealing to underwriters looking for a way of benefiting directly from their skills and profitable books of business without the need to raise start-up capital.”
Steward added: “The combination of Castel’s understanding of, and commitment to, my business plan, along with their robust operating infrastructure, provides a strong base for growth. Their support enables me to continue the development of the portfolio and respond to new opportunities.”
