New Star Underwriting, the specialist provider of Casualty and Contract Works insurance solutions across the UK and Ireland, has appointed Pat Wood (pictured) as executive director, strengthening its leadership team less than two years after launch.
Wood brings more than 35 years of insurance market experience and a track record of developing profitable insurance portfolios. His appointment adds depth to New Star's senior team as it looks to expand its underwriting capabilities and pursue growth across established and emerging sectors.
Wood previously spent close to a decade at Manchester Underwriting Management (MUM), a trading name of Pen Underwriting, where he served as joint managing director of the casualty division alongside Antony Broome, now New Star's chief underwriting officer. He had earlier held roles at QBE Insurance.
New Star Underwriting was established in 2024 and has built a specialist MGA platform focused on service-led, broker-facing insurance solutions. The business underwrites Employers', Public and Products Liability, Contractors All Risks and Casualty Excess of Loss, working through a select panel of broker partners in the UK and Ireland.
The appointment lands during a period of sustained expansion for the UK's wider MGA sector. According to the Managing General Agents' Association (MGAA), member MGAs collectively wrote £13.2 billion in gross written premium across the UK and Republic of Ireland in 2024, with membership climbing from 233 full members that year to 249 by August 2025. The broader UK market is estimated to contain more than 350 MGAs, placing over 10% of the UK's £47 billion general insurance market. MGAA chief executive Michael Keating said in August 2025 that the sector "continues to flourish in the UK, ROI, Europe and Internationally," remaining "the fastest growing P&C segment."
Wood said his new role would build on New Star's early progress.
“The business has built impressive momentum since launch, and I look forward to working closely with our broker and capacity partners to further develop the platform, deliver profitable growth, explore new opportunities and support the next phase of New Star's development,” he said. “I'm also looking forward to reconnecting with many familiar faces across the market. Please feel free to get in touch if you would like to catch up.”
The hire comes against a backdrop of easing casualty rates. According to Marsh's latest UK Global Insurance Market Index, overall casualty rates declined 3%, or 6% when motor liability is excluded, with insurer capacity remaining ample and driving competition, while long-term agreements spanning two to three years are increasingly available. That softer pricing environment increases the value of underwriters who can distinguish quality risk within a book weighted toward construction, civil engineering and manufacturing.
Construction remains a sector under particular financial strain, a factor relevant to any casualty or contract works underwriter assessing counterparty and claims risk. The sector accounted for around 17% of all UK corporate insolvencies in the year to February 2026, with 3,851 companies failing over that period, despite representing only 6 to 7% of gross value added. The Insolvency Service separately recorded 4,411 construction insolvencies across Britain in the year to March 2026, down 5% on the prior year but still well above pre-pandemic levels. For MGAs writing Contractors All Risks and liability cover into this space, contractor solvency and project completion risk remain live underwriting considerations.
New Star's underwriting appetite spans construction, civil engineering, waste, manufacturing, transportation, and wholesale and distribution, sectors where direct access to senior decision-makers is often cited by brokers as a differentiator among MGAs.
Capacity providers have continued to back that model. A 2025 survey by Clyde & Co and the MGAA found that 57% of carriers plan to increase MGA capacity within the next two years, with 46% having already done so in the prior 12 months. Against a market where casualty rates are falling and construction insolvencies remain elevated, New Star's ability to hold underwriting discipline while expanding its leadership bench is likely to be closely watched by brokers and capacity partners alike.
