MGA Castel targets Africa with corporate underwriting cell

Castel Underwriting Agencies (Castel), the managing general agent (MGA) platform, has launched its first corporate underwriting cell.

The firm is working with One Re, a specialist African focused reinsurer, to target facultative reinsurance business across Sub-Saharan Africa.

One Facultative Acceptances will be underwriting property and engineering facultative reinsurance portfolios for African-domiciled businesses.

The capacity is led by A+ security rated XL Re Europe, an XL Catlin reinsurance company, and supported by international company market security with a minimum rating of A+.

One Facultative Acceptances will sit alongside Castel’s established underwriting cells Altitude Risk Partners, Newbridge and Medical & Commercial International.

One Facultative Acceptances marks an important strategic development for Castel,” said Mark Birrell, chief executive officer (CEO) of Castel.

“The launch of our first corporate underwriting cell is evidence of the robustness of our model and the appetite we have for growth across a variety of MGA underwriting businesses.

“With the support of our capacity, One Facultative Acceptances will look to take full advantage of the demand for reinsurance in this fast growing part of the world.”

Andrew Lewis, CEO of One Re, added: “Africa offers excellent opportunities if you know how to operate in its unique environment. The launch of One Facultative Acceptances combines our 20 years’ of African experience with exceptional global capacity and security, offering the London market a unique African risk solution, reaffirming our commitment to supporting Africa’s continuing success.”

David Watson, CEO, reinsurance, EMEA and international casualty at XL Catlin commented: “We see Africa as a dynamic and growing marketplace. To develop this business with experienced professionals such as Andrew and the team at One Re is a unique opportunity for us as we continue to build out our geographic footprint.”