Vecta leaves Castel after management buyout
Vecta Risk Partners, a division of Castel Underwriting Agencies, has completed a management buyout from the club-style managing general agent (MGA) formation platform.
Vecta, which launched on the Castel platform in 2017, writes specialist group and individual accident & health (A&H), travel and lifestyle insurance business across the UK and Europe.
The management buyout was led by Vecta’s partners Richard Gorely, Andy Juggins and Vyv Townend.
Gorely, managing partner at Vecta, said: “Launching Vecta on the Castel platform enabled us to come to market quickly and develop and deliver innovative product solutions directly addressing the needs of a wide range of A&H clients. The infrastructure and support provided by Castel has helped us to reach this point and provided the foundation for the next phase of our business growth.”
Mark Birrell, chief executive officer of Castel, added: “ Vecta is a good example of the niche and specialty lines business we look to support. This is the fourth underwriting cell to leave the Castel fold after launching and successfully growing on the platform which validates our business model. We wish Vecta every success in the future.”
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