Castel Underwriting Agencies has promoted Transact Risk Partners from a division within Castel Speciality portfolio to a standalone underwriting cell on its managing general agent platform.

Since launching in October 2017 Transact has seen a significantly sustained growth according to Sammy Shihab who leads the Trasact team and based in Castel’s European branch office in Amsterdam where the business provides warranty and indemnity insurance for merger and acquisition transactions and tax risk insurance for tax liabilities in Europe.

Castel Specialty provides the infrastructure, capacity and business support required to enable experienced underwriters to underwrite their own books of business.

Mark Birrell, CEO of Castel commented: “The success of Transact further demonstrates Castel’s commitment to supporting entrepreneurial underwriters and teams and ability to support them in quickly establishing and growing profitable niche businesses,”

Shihab said: “We have seen strong and sustained growth in the portfolio since becoming part of Castel. We have expanded the team and brought in experienced underwriters who have the dedicated in country expertise needed to respond to this increasing demand.”

He added: “The transition of Transact into a standalone underwriting cell, with the continuing support of Castel, will enable us to further expand our specialist capabilities, build on our success and continue to grow profitable opportunities across Europe.”