Castel division Newbridge Risk Partners acquired by Optio

Castel Underwriting Agencies Limited (Castel), the club-style MGA formation platform, has sold Newbridge Risk Partners (Newbridge) to Optio for an undisclosed sum.

Newbridge launched on the Castel MGA formation platform in 2015, writing a book of political violence and terrorism risks in emerging markets regions. The Newbridge team of Chris Kirby and Henry Buchanan are joining the Optio business with immediate effect. Optio and Castel will work together to ensure a seamless transition for the business.

Mark Birrell, chief executive of Castel, said: “The Castel business model is a proven structure enabling entrepreneurial underwriters to launch and build successful businesses. We are delighted to have supported Chris and Henry in building their business over the last four years using our proven platform and wish them continued success in the future.”

Chris Kirby added: “Castel provided us with the support needed to launch our business to clients and brokers in our niche area quickly and successfully. We are now at the stage where we have the opportunity to continue our growth and development with the support of Optio Group.”