Castel Specialty launches Castel Transact in expansion move
Castel Specialty, a division of MGA formation platform Castel Underwriting Agencies Limited, has launched Castel Transact (Transact), offering warranty and indemnity insurance cover for Benelux merger and acquisition (M&A) transactions, and tax risk insurance for tax liabilities in Europe.
The move is part of a Castel Specialty’s expansion strategy.
Transact offers tailored solutions for Benelux M&A transactions covering breaches in representations and warranties given in the sale of a business. Transactional tax risk solutions, addressing exposures resulting from greater complexity in global tax regimes, are provided to European-based organisations.
Led by Sammy Shihab, Transact will be based in Amsterdam with capacity provided by London company market insurers.
Shihab was previously a senior underwriter in AIG’s M&A and transaction liability business based in the Netherlands. He has also held the role of senior manager with PwC in Australia and Indonesia, advising on a variety of M&A transactions from private equity investments and divestments to public transactions.
“Transact combines underwriting expertise with a streamlined process, utilising automation and technology to deliver a more tailored approach to covering transactional risks,” Shihab commented.
“Castel’s understanding of and willingness to back niche business, combined with their ability to access a range of high quality capacity providers, has enabled us to come to the market quickly with a responsive and robust solution that meets the very specific risk transfer needs in this market.”
Mark Birrell, CEO of Castel, added: “Sammy’s expertise and niche focus is typical of the entrepreneurial underwriter that our MGA formation platform is designed to support in launching and developing specialty businesses. Transact also represents an important milestone with Castel’s expansion in Europe.”
Castel Specialty provides the infrastructure, capacity and business support required to allow individual underwriters to begin writing their own books of business quickly. Underwriters are rewarded and incentivised according to the profitability of their individual book of business. In addition to Transact’s M&A and tax warranty and indemnity covers, Castel Specialty’s portfolio covers forestry physical damage, construction all risks and inherent defects insurance on a worldwide basis.
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