Castel Launches company Underwriting cellular, focused on African Reinsurance

Castel Underwriting corporations Ltd., the London-based totally MGA formation platform, has launched its first corporate underwriting cellular, running with One Re, a expert African-focused reinsurer, to goal facultative reinsurance commercial enterprise across Sub-Saharan Africa.

The underwriting cellular, referred to as One Facultative Acceptances*, can be underwriting assets and engineering facultative reinsurance portfolios for African-domiciled agencies.

The ability is led by “A+” protection rated XL Re Europe SE (an XL Catlin reinsurance organisation) and is supported by way of international corporation market protection with a minimum score of “A+”, Castel Underwriting said in a statement.

“One Facultative Acceptances marks an critical strategic improvement for Castel. The launch of our first company underwriting cellular is evidence of the robustness of our version and the urge for food we have for growth across a ramification of MGA underwriting groups,” in line with Mark Birrell, chief govt officer of Castel.

“With the assist of our capability, One Facultative Acceptances will appearance to take full advantage of the demand for reinsurance in this fast growing part of the world,” he brought.

“Africa offers exquisite opportunities in case you recognise how to operate in its specific surroundings. The release of 1 Facultative Acceptances combines our 20 years’ of African enjoy with fantastic worldwide capacity and safety, providing the London market a completely unique African threat answer…,” said Andrew Lewis, leader govt officer of one Re, which changed into currently authorized by means of the Prudential regulation Authority and is regulated by means of the monetary behavior Authority.

“We see Africa as a dynamic and growing marketplace,” said David Watson, leader government, Reinsurance, EMEA and worldwide Casualty at XL Catlin. “To increase this business with skilled professionals together with Andrew and the group at One Re is a unique opportunity for us as we retain to construct out our geographic footprint.”

* One Facultative Acceptances, a department of Castel Underwriting companies Ltd., will sit along Castel’s established underwriting cells Altitude risk partners, Newbridge and medical & industrial international.