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Castel expands specialty portfolio to include construction

Castel expands specialty portfolio to include construction | Insurance Business

Castel expands specialty portfolio to include construction
Castel Underwriting Agencies Limited (Castel) division Castel Specialty has launched Castel Construction to expand its portfolio.

Castel Construction will write construction all risks (CAR) and inherent defects insurance (IDI) business, with capacity provided through Lloyd’s and the London company market. Opportunities not entering the said markets will be identified and developed by Castel Construction with the help of regional distribution partners.

Chief executive Mark Birrell said providing the infrastructure and wider support to enable individual underwriters to focus on developing and building profitable books of business is proving an attractive proposition.

Heading Castel Construction is Peter Wallace, a former Munich Re underwriter who also served as underwriting and claims manager for Infrassure. A chartered civil engineer, Wallace has extensive global construction and major infrastructure project experience.

Wallace said Castel Speciality provides a strong base from which to respond effectively to the gaps and product opportunities that the construction classes offer. Standard property policies exclude inherent defects – thus the need for IDI.

“Alongside the operational aspects, Castel provides access to high quality underwriting and claims expertise, capacity provision, and the ability to share insight and cross-selling opportunities with other underwriting teams,” he added.

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