Verve to underwrite professional risks via Castel’s MGA platform
Verve Risk Partners has joined the Castel Underwriting Agencies MGA platform from which it will write US professional and management liability risks.
Led by partners Scott Simmons and Alan Lambert, its cell on the platform has capacity provided by a number of Lloyd’s syndicates that have previously supported Verve’s underwriters.
Verve’s portfolio will include errors and omissions (E&O) and directors and officers (D&O) coverage for a range of captives, insurance companies, risk retention groups and insurance brokers and agents.
Simmons has over 16 years of experience underwriting US management and professional liability lines, having previously served as a North American financial lines underwriter at AIG.
Lambert has over 15 years’ experience in the London market, having previously served in Aquila’s professional and management liability unit, focusing on risk analysis, underwriting and client development.
Simmons said: “Castel provides us with a comprehensive and robust infrastructure that has enabled us to bring Verve to fruition quickly, and deliver certainty to our capacity providers and wider market stakeholders.”
Lambert added: “The support afforded within the Castel platform will assist us to deliver controlled and sustainable long-term profitable growth in an underserviced market sector.”
Mark Birrell, chief executive officer of Castel, commented: “Scott and Alan bring Castel recognised underwriting expertise, a strong reputation and proven success in their market; our MGA formation platform was developed to support such entrepreneurial underwriters in specialist markets. Verve has identified specific coverage and product opportunities and have growth plans that will achieve sustained underwriting profit from this niche market.”
