Castel bolsters specialty portfolio with marine broker Seacurus

Castel Specialty, a division of club-style MGA formation platform Castel Underwriting Agencies, has added specialist marine coverages to its portfolio with the addition of Seacurus.

Seacurus is a UK-based specialist marine insurance broker, which was acquired by the Barbican Insurance Group in 2013.

Seacurus is led by Angus Bailey and underwrites a book focusing on revenue protection and credit default protection insurances for the shipping industry, including marine kidnap and ransom, hull war and seafarer abandonment business.

The capacity is being provided by both Lloyd’s and company market insurers.

Mark Birrell, chief executive of Castel, said: “Angus operates in a dynamic market with growth potential for specialist coverages that address very specific client needs and exposures. This further expansion in our specialty division demonstrates the appetite we have to support specialist, entrepreneurial underwriters in building their own profitable books of business.”

Bailey commented: “Castel Specialty provides the platform and infrastructure which enables us to focus on delivering the responsive underwriting and relevant products that are imperatives in this market. Whether it is coverage in the war and piracy high risk areas or offering a dedicated seafarer abandonment product, we are able to ensure the risks are responded to effectively wherever and whenever clients operate.”

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