February 04, 2019
Castel Underwriting Agencies Limited, the club-style MGA formation platform, has included specialist marine coverages to its portfolio with the addition of Seacurus.
Led by Angus Bailey, Seacurus is a wholly-owned subsidiary of the Barbican Insurance Group. It underwrites a book focusing on revenue protection and credit default protection insurances for the shipping industry, including marine kidnap & ransom, hull war and seafarer abandonment business.
Capacity is reportedly being provided by both Lloyd’s and company market insurers.
Bailey previously served as an underwriter and account manager for marine special risks at Seacurus.
Mark Birrell, chief executive of Castel, commented: “Angus operates in a dynamic market with growth potential for specialist coverages that address very specific client needs and exposures. This further expansion in our specialty division demonstrates the appetite we have to support specialist, entrepreneurial underwriters in building their own profitable books of business.”
Bailey said: “Castel Specialty provides the platform and infrastructure which enables us to focus on delivering the responsive underwriting and relevant products that are imperatives in this market. Whether it is coverage in the war and piracy high risk areas or offering a dedicated seafarer abandonment product, we are able to ensure the risks are responded to effectively wherever and whenever clients operate.”