The firm, part of Castel Underwriting Agencies, has introduced Castel Transact, which offers warranty and indemnity insurance cover for Benelux merger and acquisition transactions, and tax risk insurance for liabilities in Europe.
According to a release announcing the launch, Transact will cover breaches in warranties and representations given in the sale of a business and will be led by Sammy Shihab (pictured), who will be based in Amsterdam, with capacity provided by London company market insurers. Shihab was previously a senior underwriter in AIG’s M&A and transaction liability business in the Netherlands.
“Transact combines underwriting expertise with a streamlined process, utilising automation and technology to deliver a more tailored approach to covering transactional risks,” he explained. “Castel’s understanding of and willingness to back niche business, combined with their ability to access a range of high quality capacity providers, has enabled us to come to the market quickly with a responsive and robust solution that meets the very specific risk transfer needs in this market.”
His arrival was welcomed by the firm’s CEO Mark Birrell.
“Sammy’s expertise and niche focus is typical of the entrepreneurial underwriter that our MGA formation platform is designed to support in launching and developing specialty businesses,” he commented. “Transact also represents an important milestone with Castel’s expansion in Europe.”
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