Following the deal, MCI will be led by chief executive Philip Trafford
Medical & Commercial International (MCI), a division of Castel Underwriting Agencies (Castel), has today completed a management buyout from the club-style MGA formation platform.
MCI, a specialised casualty underwriting business, launched on the Castel MGA platform in 2015.
Today it writes more than $50m of annual gross written premium across its main classes: Life Sciences (including clinical trials), Health Sciences (including medical malpractice) and International General Liability. Following completion of the transaction, MCI will be majority owned and controlled by its management team, led by chief executive Philip Trafford.
Castel’s MGA model provides the opportunity for its underwriting businesses to become independent through a mutually agreed exit strategy after four to seven years.
Mark Birrell chief executive at Castel said: “Phil and the team have built a strong, sustainable business. Castel has a singular focus on supporting its underwriting businesses to achieve maturity and flourish as MGAs.
“The growth MCI has achieved since launching on our platform is testament to their market knowledge and robust plan. We wish MCI every success on this next phase of their development.”
And MCI’s chief executive Philip Trafford said: “MCI’s specialised and disciplined underwriting approach has enabled a successful business to be built over the course of the last 5 years.
“Castel’s support incubating MCI in these formative years has been an important factor in preparing the business for this moment. We are very much looking forward to the next exciting phase of MCI’s journey”