Castel creates new specialty division under Munich Re executive
Castel Underwriting Agencies, a managing general agent (MGA) formation platform, has expanded its specialty portfolio with the launch of a global construction division.
Led by Peter Wallace, Castel Construction will write construction all risks (CAR) and inherent defects insurance (IDI) business on a worldwide basis. The capacity will be provided through Lloyd’s and the London company market.
Wallace joins Gordon Steward in Castel Specialty, who is writing forestry physical damage business worldwide.
Prior to joining Castel Speciality, Wallace was CAR and 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.
"Peter joining Castel clearly demonstrates our appetite to support high quality and expert niche underwriters," said Mark Birrell, Castel CEO. "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."
According to the company, Castel Construction is working with regional distribution partners with strong local market knowledge, specialism and experience to identify and develop new opportunities in CAR and IDI classes not entering the Lloyd’s and London markets.
IDI fills the gap in standard property policies where inherent defects are excluded. The cover is supported by a group of specialist and internationally recognised insurance specialist consulting engineers and inspection agencies.
Wallace commented: "Alongside the operational aspects, Castel provides access to high quality underwriting and claims expertise, capacity provision and the ability to share insight and cross-selling opportunities with other underwriting teams. Castel Speciality provides a strong base from which to respond effectively to the gaps and product opportunities that the construction classes offer."
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