Castel Underwriting Agencies Limited, the club-style MGA formation platform, has promoted Transact Risk Partners from a division within the Castel Specialty portfolio to a standalone underwriting cell.
Launched in October 2017, Transact provides warranty and indemnity insurance for mergers and acquisitions (M&A) transactions and tax risk insurance for tax liabilities across Europe.
The Transact team is led by Sammy Shihab and is based in Castel’s European branch office in Amsterdam.
“The success of Transact further demonstrates Castel’s commitment to supporting entrepreneurial underwriters and teams and ability to support them in quickly establishing and growing profitable niche businesses,” said Mark Birrell, Chief Executive of Castel.
Shihab also commented: “We have seen strong and sustained growth in the portfolio since becoming part of Castel. We have expanded the team and brought in experienced underwriters who have the dedicated in country expertise needed to respond to this increasing demand.”
“The transition of Transact into a standalone underwriting cell, with the continuing support of Castel, will enable us to further expand our specialist capabilities, build on our success and continue to grow profitable opportunities across Europe,” he added.
