Castel Specialty launches global property facultative reinsurance
London, 3 April 2018 – Castel Specialty, the division of club-style MGA formation platform Castel Underwriting Agencies Limited that supports individual underwriters with books of niche business, has added a global property facultative reinsurance offering to its portfolio.
Paul Witzenfeld joins Castel Specialty to underwrite a book of global property facultative reinsurance business targeting large scale risks. Capacity has been provided by syndicates at Lloyd’s.
Mr 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.”
Paul 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.”
Castel Specialty provides the infrastructure, capacity and business support required to enable experienced underwriters to underwrite their own books of business. Underwriters are rewarded and incentivised according to the profitability of their individual books of business.
ENDS
For further information, please contact:
Full Circle Communications Matt Beasley
Mobile +44 (0) 7384 466 791 Tel: +44 (0)20 7265 7887 Email mbeasley@fullcirclecomms.co.uk
Notes to editors
Castel
Castel Underwriting Agencies Limited, part of Barbican Insurance Group, is a managing general agent (MGA) and club-style MGA formation platform focused on achieving success and driving innovation through collaboration. It provides experienced and entrepreneurial underwriters with stable capacity and a fast-track route to creating their own businesses. Castel is authorised and regulated by the Financial Conduct Authority.
Learn more about Castel at www.castelmga.com.
Castel’s underwriting cells include:
- Altitude Risk Partners, which underwrites airlines, aerospace manufacturing products, general aviation, war and space business.
- Castel Specialty which supports talented and entrepreneurial individual underwriters who have smaller books of niche business including bloodstock, construction all risks and inherent defects insurance, M&A and tax warranty and indemnity covers and global property facultative reinsurance.
- Medical & Commercial International (MCI) which underwrites general medical and pharmaceutical liability business on an international basis.
- Newbridge Risk Partners which underwrites a political violence portfolio focused on emerging markets - MENA, Sub-Saharan Africa, Latin and South America and Asia regions.
- Nirvana Risk Partners which underwrites media, technology and cyber liability risks for small and large enterprises on a global basis.
- Vecta Risk Partners which underwrites specialist group and individual accident & health, travel and lifestyle coverages distributed through brokers and affinity e-trading platforms.
- Verve Risk Partners which underwrites US professional and management liability risks, focusing on insurance companies and captives as well as insurance agents and brokers.
- Weald Risk Partners which underwrites a forestry physical damage book of business.
- Yachtpod Risk Partners which underwrites specialist coverages including hull and machinery, increased value, war, medical expenses, mortgagee’s interest and loss of charter hire risks for superyacht owners, captains, and managers on a worldwide basis.