Artemis ILS NYC 2020

Menu

Reinsurance News

Castel Specialty enters construction & engineering market

16th October 2019 - Author: Charlie Wood

Castel Specialty, a division of club-style MGA formation platform Castel Underwriting Agencies, has entered the construction & engineering market and appointed Beazley’s Colin Rose to lead the effort.

The new proposition will primarily be aimed at the UK, North America, Australia and Canada as well as other key territories.

Rose joins from Beazley, where he most recently served as Head of Construction and Engineering. He brings over 30 years’ of underwriting experience.

“Colin’s ability to produce profitable results despite the previous prevailing soft market conditions made him a standout choice as we enter this new market,” said Mark Birrell, Chief Executive Officer of Castel.

“He has a strong reputation as a lead underwriter and with treaty reinsurers. We are very confident that he will be able to build on his ability to grow a profitable book of business with Castel.”

Castel says Initial focus will be on small to medium scale projects and annual business, particularly related to general buildings, power generation, oil and gas, manufacturing and heavy industries.

“Terms and conditions in the construction and engineering market have improved and will continue to do so as prior years deteriorate,” Birrell added.

“Significant losses over recent years combined with a softening construction insurance market globally for over 10 years have led to improving conditions for carriers; it’s a good time to be entering the market.”

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous article:
Dorian, Faxai drive $280mn of cat losses for Everest in Q3

Bermuda-based reinsurer Everest Re Group, Ltd. has announced a preliminary pre-tax catastrophe loss estimate of $280 million for the third-quarter...

Close