Castel launches global property fac reinsurance book with Pen hire
Castel Specialty, a division of MGA formation platform Castel Underwriting Agencies, has added a global property facultative reinsurance offering to its portfolio while appointing a senior executive from Pen Underwriting.
Paul Witzenfeld joins Castel Specialty to underwrite a book of global property facultative reinsurance business targeting large scale risks. The capacity has been provided by syndicates at Lloyd’s.
Witzenfeld was previously head of North American property at Pen Underwriting and has over 20 years of underwriting experience in the Lloyd’s and London markets, including senior roles with ACE Global Markets (now Chubb) and Liberty Syndicates.
Mark Birrell, chief executive of Castel, said: “Paul has the underwriting experience and proven track record that our Specialty division was established to support. The continuing expansion of Castel Specialty is further evidence of the opportunities that are available for niche underwriters with the appetite and ability to build their own books of business.”
Witzenfeld commented: “Castel Specialty provides the operating structure that enables underwriters to focus on trading, distribution relationships and building their book. Castel’s reputation for supporting and developing profitable books of business is an important comfort factor for brokers and our capacity providers alike.”
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