Firm will act solely as distributor of PI and D&O products for Catlin Group
The Angel Underwriting brand will remain active following Catlin’s acquisition of the professional indemnity (PI)?and directors’ and officers’ (D&O) agency for an undisclosed sum this week.
Angel founder Mark Shreeve will take on the post of director, Angel Underwriting, at the Catlin Group.
Catlin has been Angel’s chief capacity provider since 2004.
Angel will now act solely as a distributor of Catlin PI and D&O products, largely in the UK SME market.
Shreeve said: “The long-term goal for Angel has always been about growth. This is the best opportunity for us to continue that growth and really expand our products. We expect to keep any changes to an absolute minimum.”
Shreeve did not expect any job losses. He said Angel Underwriting would remain in its current offices.
He added that Angel would be seeking to add policyholders in its specialist markets.
Catlin UK underwriting director Richard Clapham said: “I look forward to working more closely with Mark and his team to strengthen Catlin’s position in the UK regional professional indemnity and D&O markets.”
Catlin UK writes numerous classes of non-life insurance for UK businesses and professionals, and operates from offices in London, Glasgow, Leeds, Birmingham, Ipswich, Tonbridge, Hitchin and now Colchester.
Catlin UK, which is based in Bermuda, has an AM Best rating of ‘A’ (excellent).