Castel Underwriting Agencies Limited’s subsidiary, Castel Underwriting Europe B.V. (Castel Europe), has reached an agreement with U.S. insurer The Hartford to acquire the renewal rights for Navigators Europe, the trading name of the Bracht, Deckers & Mackelbert NV (BDM)/ASCO Continentale Verzekeringen NV (ASCO), Rotterdam marine business.
The Hartford completed its takeover of The Navigators Group, Inc. for a total price of $2.2 billion in cash, including expenses, in May of last year.
The renewal rights being acquired by Castel Europe includes a book predominantly of Dutch marine cargo, inland hull, land-based equipment and liability business.
Under the terms of the arrangement, the Navigators Europe marine underwriting team, based in Rotterdam, will transfer to Castel Europe to ensure all relevant business continues to be handled by the same underwriting team.
The team will be led by Duco Teijema as Marine Manager, Netherlands. Teijema will report to Gert van Middelkoop, Head of Castel’s Marine Centre of Excellence.
Commenting on the agreement, Gert van Middelkoop said: “In a market experiencing significant levels of change, being able to provide brokers and clients with continuity of cover and service is of crucial importance to us. Retaining the expertise and proven track record of Duco and his team is an important indicator of our commitment to the Dutch marine market. We are in a strong position to build our solutions in the Netherlands and across Europe.”
Mark Birrell, Chief Executive Officer (CEO) of Castel, added: “This renewal rights agreement is significant for us and enables Castel Europe to assume a leading position in the Dutch market. Importantly, it brings into Castel, the skills, experience and products needed to support the development and delivery of our European expansion plans which is a key part of our strategy.”
Castel states that this move follows the launch of its Marine Centre of Excellence in June of this year, with teams in London and Rotterdam focused on all classes of marine business.