Castel Specialty, a unit of the MGA platform Castel Underwriting Agencies Limited, that supports individual underwriters and their books of niche business, has added a global property facultative reinsurance offering.
Paul Witzenfeld, previously head of North American property at Pen Underwriting, has joined Castel Specialty and brought with him an underwriting book of global property facultative reinsurance business, aimed at large-scale risks.
Capacity for the property fac offering has been provided by syndicates at Lloyd’s and Castel Specialty will provide the infrastructure and business support needed to grow this book of business.
Witzenfeld has more than 20 years of underwriting experience in the Lloyd’s and London markets, including holding senior positions with ACE Global Markets (now Chubb) and Liberty Syndicates.
Mark Birrell, chief executive of Castel, commented, “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 added, “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.”
