Barbican launches new MGA platform
Barbican Group has launched subsidiary Castel Underwriting, a new club style MGA formation platform that provides underwriters with stable capacity and a fast-track route to creating their own businesses.
Led by Mark Birrell, the former CEO of Wildnet, Castel has been specifically developed to support the ambitions of individuals or teams of underwriters in the London and wider insurance markets with niche and specialist books of business.
In return for bringing their skills, knowledge and market contacts to the platform, underwriter members will over a period of time be able to generate a significant stake in their own individual MGA business cell, benefitting from a direct link between their account profitability and personal remuneration.
Although they will focus on running their own branded MGA cells, members will also be encouraged to work collaboratively with other teams within the Castel club to share knowledge and drive innovation.
In addition to long-term stable capacity, Castel will help deliver infrastructure including scalable IT systems, marketing and an operational framework. The implementation of regulatory and compliance practices will also enable Castel MGAs to benefit from a strong culture of risk management and corporate governance.
Birrell, the chief executive Officer of Castel, said: “When we began developing the Castel model we kept asking the same question – why would you launch an MGA business alone when you can join forces and share knowledge and ideas with other insurance entrepreneurs? The result was the creation of the Castel collaborative club to make great MGA underwriting cells happen quickly and without stress.
“Castel will provide all the services resources and regulatory support required to enable underwriters to really focus on trading. Members will also be working alongside other industry experts who can help to smooth out any sticky moments encountered along the way.”
Birrell continued: “We certainly believe our club style approach will be extremely attractive to frustrated insurance entrepreneurs and are looking forward to helping bring multiple MGA cell businesses to the market.”
