Reinsurance News

Castel Specialty launches Transact for Benelux M&A deals & European tax protection

21st September 2017 - Author: Luke Gallin

Castel Underwriting Agencies Limited (Castel) subsidiary, Castel Specialty, has expanded its portfolio with the launch of Castel Transact (Transact), which provides both warranty and indemnity protection for Benelux merger and acquisition (M&A) deals, and also European tax covers.

Castel Underwriting AgenciesTransact will be led by Sammy Shihab and based in Amsterdam, with capacity being provided by London company market insurers. Previously, Shihab was a Senior Underwriter within insurer AIG’s Netherlands M&A and transaction liability operation.

Shihab has also been a Senior Manager at PwC in both Australia and Indonesia, where he advised on numerous M&A transactions.

Commenting on his new appointment, Shihab said; “Transact combines underwriting expertise with a streamlined process, utilising automation and technology to deliver a more tailored approach to covering transactional risks. Castel’s understanding of and willingness to back niche business, combined with their ability to access a range of high quality capacity providers, has enabled us to come to the market quickly with a responsive and robust solution that meets the very specific risk transfer needs in this market.”

The new unit will offer tailored products for any Benelux M&A deal, covering breaches in reputations and warranties given during the sale of a business. Transact will also provide solutions for transactional tax risks, addressing exposures that are a result of increased complexity in global tax systems, and provided to European domiciled organisations.

Mark Birrell, Chief Executive Officer (CEO) of Castel, said; “Sammy’s expertise and niche focus is typical of the entrepreneurial underwriter that our MGA formation platform is designed to support in launching and developing specialty businesses. Transact also represents an important milestone with Castel’s expansion in Europe.”

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