Castel Underwriting Agencies Limited, part of Barbican Insurance Group, has upgraded Weald Risk Partners, originally a division within the Castel Specialty portfolio, to a standalone underwriting cell.
Weald Risk Partners, which will underwrite on the Castel club-style managing general agent (MGA) formation platform, writes forestry physical damage business internationally.
The cell will continue to be led by Gordon Stewart, who was the first underwriter to join Castel Specialty when the division was established in 2016, and who has more than a decade of experience in the forestry re/insurance market.
Mark Birrell, Chief Executive Officer (CEO) of Castel, said: “Weald Risk Partners’ success in making the transition to a standalone cell highlights the value of Castel Specialty in helping quality underwriters, such as Gordon, establish businesses in niche markets.
“Castel Specialty exists to support such ventures by allowing underwriters to focus on building their business, whilst we take care of all operational needs and start-up capital.”
Castel Specialty rewards underwriters based on the profitability of their individual books of business, and encourages them to underwrite smaller books of niche business by providing the necessary infrastructure, capacity, and business support.
Steward also commented: “Castel’s understanding and support of Weald Risk Partners’ business plan has been fundamental to our growth over the last 18 months. Mark and his team have provided the operational infrastructure needed to turn a niche book of business into a full insurance business.
“I look forward to further developing the business and exploring more profitable underwriting growth opportunities.”
Capacity for Castel Specialty’s new underwriting cell will be provided by Fidelis and certain Lloyd’s syndicates.
