Castel enters renewable energy market citing growing demand

Castel Underwriting Agencies, a managing general agent (MGA) formation platform, has entered the renewable energy market, citing growing demand for coverage and access to underwriting expertise.

The MGA plans to offer a new proposition primarily aimed at asset and revenue protection for wind and solar energy producers.

It will underwrite a book of marine, construction and operating risks, business interruption, general liability, sabotage, terrorism and theft losses and natural catastrophe coverages.

Castel said it will commence underwriting with immediate effect with ‘A’ rated capacity.

The company has appointed Garrod Hill, former executive vice president of Albus Underwriting, a firm that specialised in insurance solutions for the renewable energy sector, to join the new underwriting cell.

Mark Birrell, chief executive of Castel, said: “The combination of a growing demand for coverage of renewable energy assets and access to underwriting expertise with the direct experience and understanding of the sector’s needs fits with our strategy of supporting and building underwriting cells with niche lines. We are very confident this addition to the portfolio will deliver profitable business.”