Castel Specialty, a division of club-style MGA formation platform Castel Underwriting Agencies Limited, has entered the construction and engineering market predominantly aimed at the UK, North American, Australia and Canada.
Colin Rose has been appointed to head up the new offering, joining Castel from Beazley. He most recently served as head of construction and engineering at the insurer and brings over 30 years’ worldwide underwriting experience.
Castel says, the initial focus will be on small to medium scale projects and annual business, particularly related to general buildings, power generation, oil and gas, manufacturing and heavy industries.
Mark Birrell, chief executive of Castel, said: “Colin’s ability to produce profitable results despite the previous prevailing soft market conditions made him a standout choice as we enter this new market. He has a strong reputation as a lead underwriter and with treaty reinsurers. We are very confident that he will be able to build on his ability to grow a profitable book of business with Castel.”
Rose said: “Terms and conditions in the construction and engineering market have improved and will continue to do so as prior years deteriorate. Significant losses over recent years combined with a softening construction insurance market globally for over 10 years have led to the improving conditions for carriers; it’s a good time to be entering the market.”