MGA incubator Castel Underwriting Agencies has expanded its specialty division with the launch of a global construction capability under the leadership of newly appointed Peter Wallace.
Wallace moves over from Munich Re, where he was a CAR and EAR underwriter, writing across all sizes of risks on a global basis. Prior to that, he was underwriting and claims manager for the Middle East and North Africa regions at Infrassure.
Led by Wallace, Castel Construction writes construction all risks (CAR) and inherent defects insurance (IDI) business on a worldwide basis. Capacity is provided through Lloyd’s and the London company market.
Castel said that IDI fills the gap in standard property policies where inherent defects are excluded. The cover is supported by a group of specialist and internationally recognised insurance specialist consulting engineers and inspection agencies.
The firm said that it is working with regional distribution partners with strong local market knowledge, specialism and experience to identify and develop new opportunities in CAR and IDI classes not entering the Lloyd’s and London markets.
The construction unit is part of Castel Specialty, which provides the infrastructure, capacity and business support required to support underwriters to begin writing their own books of business.
Wallace commented: “Castel Speciality provides a strong base from which to respond effectively to the gaps and product opportunities that the construction classes offer.”
Wallace joins Gordon Steward in Castel Specialty, who is writing forestry physical damage business worldwide.