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Castel forays into contingency

Castel forays into contingency | Insurance Business UK

Castel forays into contingency

Castel Underwriting Agencies, the first UK managing general agent to receive an AM Best Performance Assessment, has entered the contingency market.

The MGA’s new underwriting cell will be run by Liberty Specialty Markets (LSM) hire Yaël Mimran (pictured) and Tysers alumnus Nick Carragher. The latter brings a decade of contingency experience, while the former LSM contingency class underwriter has more than 25 years of underwriting know-how to her name.

“2022 marks a new era for the contingency market,” asserted Mimran, whose credentials include 12 years with AXA. “After the huge losses suffered during the COVID pandemic, opportunities now abound to write a balanced and profitable book across the world.

“Castel’s structure and ready approach to entering new markets presented an ideal opportunity for Nick and myself to bring new risk transfer options to the table which will reflect the needs of the sports, leisure, and entertainment industries today.”

Meanwhile Castel chief executive Mark Birrell highlighted the MGA’s model, which he said provides all the tools needed to set up and underwrite from the get-go.