London, 18 March 2019 – Following its continued growth, Castel Underwriting Agencies Limited (Castel) has promoted Transact Risk Partners (Transact) from a division within the Castel Specialty portfolio to a standalone underwriting cell on its MGA formation platform.
Transact has expanded significantly, since its launch in September 2017, and provides warranty and indemnity insurance for merger and acquisition transactions and tax risk insurance for tax liabilities across Europe.
The Transact team is led by Sammy Shihab and is based in Castel’s European branch office in Amsterdam.
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 commented: “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.