New Star Underwriting has appointed Pat Wood (pictured) as executive director, strengthening the leadership of the specialist casualty and contract works MGA less than two years after its launch. The appointment reunites Wood with Antony Broome, New Star's chief underwriting officer - the two previously served together as joint managing directors of the casualty division at Manchester Underwriting Management, a trading name of Pen Underwriting, giving the hire a specific working relationship at the heart of the business rather than simply adding a senior name to the team.
Wood brings more than 35 years of insurance market experience across casualty portfolio development, with earlier roles at QBE Insurance preceding his time at MUM.
New Star was established in 2024 and underwrites Employers', Public and Products Liability, Contractors All Risks and Casualty Excess of Loss through a select panel of broker partners across the UK and Ireland. The hire lands as casualty rates ease. Marsh's UK Global Insurance Market Index recorded overall casualty rate declines of 3%, or 6% excluding motor liability, with ample insurer capacity sustaining competition and two-to-three-year long-term agreements increasingly available. That softer pricing environment increases the value of underwriters capable of distinguishing quality risk within a book weighted toward construction, civil engineering and manufacturing - precisely the disciplines Wood and Broome built together at MUM.
The wider MGA sector into which New Star is growing remains active. MGAA member MGAs collectively wrote £13.2 billion in gross written premium across the UK and Republic of Ireland in 2024, with membership rising from 233 full members 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.
The construction specialism carries live underwriting significance. 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 - a disproportionate share given construction represents only 6 to 7% of gross value added. The Insolvency Service recorded 4,411 construction insolvencies across Britain in the year to March 2026, a figure that reflects a slightly broader reference period and geographic scope but points in the same direction: down 5% year-on-year but still well above pre-pandemic levels. For an MGA writing Contractors All Risks and liability cover into this space, contractor solvency and project completion risk remain active considerations in every underwriting decision.
Capacity providers have continued to back the MGA model. A 2025 survey by Clyde & Co and the MGAA found 57% of carriers plan to increase MGA capacity within the next two years, with 46% having already done so in the prior 12 months.
"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 and explore new opportunities," Wood said.
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.
