Castel makes Weald Risk a standalone business

Castel Underwriting Agencies, a managing general agent (MGA) formation platform, has promoted Weald Risk Partners from a division within the Castel Specialty portfolio to a standalone underwriting cell.

Headed by Gordon Steward, Weald Risk Partners writes forestry physical damage business on a worldwide basis. The capacity for the business is provided by Fidelis and certain Lloyd’s syndicates.

Castel Specialty provides the infrastructure, capacity and business support required to enable experienced underwriters to underwrite smaller books of niche business.

Mark Birrell, Castel’s CEO, said: “Weald Risk Partners’ success in making the transition to a standalone cell highlights the value of Castel Specialty in helping quality underwriters, such as Gordon, establish businesses in niche markets. Castel Specialty exists to support such ventures by allowing underwriters to focus on building their business, whilst we take care of all operational needs and start-up capital.”

Steward added: “Castel’s understanding and support of Weald Risk Partners’ business plan has been fundamental to our growth over the last 18 months. Mark and his team have provided the operational infrastructure needed to turn a niche book of business into a full insurance business. I look forward to further developing the business and exploring more profitable underwriting growth opportunities.”

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