Castel underwriting will focus on niche books of business
A new club-style managing general agency (MGA) has been launched in London led by former Wildnet chief executive Mark Birrell.
Castel Underwriting will focus on serving the London market, as well as wider insurance sectors providing niche and specialist books of business, subject to Financial Conduct Authority approval.
Underwriter members will be able to generate a significant stake in individual MGA business cells with a direct link between their account profitability and personal remuneration.
Members of Castel can also achieve full independence if they desire to leave Castel through a number of buy-out or earn-out arrangements.
New Castel chief executive Birrell said: “When we began developing the Castel model we kept asking the same question – why would you launch an MGA business alone when you can join forces and share knowledge and ideas with other insurance entrepreneurs? The result was the creation of the Castel collaborative club to make great MGA underwriting cells happen quickly and without stress.”
“Castel will provide all the services resources and regulatory support required to enable underwriters to really focus on trading. Members will also be working alongside other industry experts who can help to smooth out any sticky moments encountered along the way.”