Castel makes Transact ‘standalone underwriting cell’ on MGA platform

Castel Underwriting Agencies has promoted Transact Risk Partners from a division within the Castel Specialty portfolio to a standalone underwriting cell on its MGA formation platform.

Since it launched in October 2017, Transact has grown significantly, providing warranty and indemnity insurance for merger and acquisition transactions and tax risk insurance for tax liabilities in Europe.

Mark Birrell, chief executive of Castel, said: “The success of Transact further demonstrates Castel’s commitment to supporting entrepreneurial underwriters and teams and ability to support them in quickly establishing and growing profitable niche businesses.”

Sammy Shihab, Transact team leader based in Castel’s European branch office in Amsterdam, said “We have seen strong and sustained growth in the portfolio since becoming part of Castel. We have expanded the team and brought in experienced underwriters who have the dedicated in country expertise needed to respond to this increasing demand. The transition of Transact into a standalone underwriting cell, with the continuing support of Castel, will enable us to further expand our specialist capabilities, build on our success and continue to grow profitable opportunities across Europe.”

Castel Specialty provides the infrastructure, capacity and business support required to enable experienced underwriters to underwrite their own books of business. Underwriters are rewarded and incentivised according to the profitability of their individual books of business.