Castel Underwriting Agencies Limited division Castel Specialty has entered the realm of construction and engineering.
Colin Rose, who has moved from specialty insurer Beazley where he was head of construction and engineering, will head up Castel’s new proposition. He brings more than three decades of worldwide underwriting experience to the managing general agent.
The new offering is backed by SCOR UK Company Ltd and Arch Insurance (UK) Ltd, and is primarily aimed at key territories such as the UK, North America, and Australia. Castel said the initial focus will be on small- to medium-scale projects and annual business related to general buildings, power generation, oil and gas, as well as manufacturing and heavy industries.
“Terms and conditions in the construction and engineering market have improved and will continue to do so as prior years deteriorate,” noted Rose. “Significant losses over recent years combined with a softening construction insurance market globally for over 10 years have led to the improving conditions for carriers; it’s a good time to be entering the market.”
Commenting on the development, Castel chief executive Mark Birrell (pictured) expressed confidence that the major recruit will be able to build on his ability to grow a profitable book of business with Castel.
“Colin’s ability to produce profitable results despite the previous prevailing soft market conditions made him a standout choice as we enter this new market,” said the CEO. “He has a strong reputation as a lead underwriter and with treaty reinsurers.”