Castel Europe is said to offer a platform for developing and launching specialty underwriting cells apart from helping individual underwriters with books of niche business, across Europe
Hartford sells its Dutch marine business to Castel Europe. (Credit: Pete Linforth from Pixabay)
Castel Underwriting Europe (Castel Europe) has agreed to acquire the Dutch marine business from The Hartford, a US insurance major, for an undisclosed price.
In this connection, the Castel Underwriting Agencies’ subsidiary has signed an agreement to acquire the renewal rights for Navigators Europe, the trading name of the Bracht, Deckers & Mackelbert NV (BDM)/ASCO Continentale Verzekeringen (ASCO), Rotterdam marine business.
Castel Europe is said to offer a platform for developing and launching specialty underwriting cells apart from helping individual underwriters with books of niche business, across Europe. Its parent firm Castel Underwriting Agencies is part of Arch Insurance International.
Castel Underwriting Agencies chief executive comments on the acquisition by Castel Europe
Castel Underwriting Agencies chief executive Mark Birrell said: “This renewal rights agreement is significant for us and enables Castel Europe to assume a leading position in the Dutch market.
“As importantly it brings into Castel, the skills, experience and products needed to support the development and delivery of our European expansion plans which is a key part of our strategy.”
Included in the renewal rights agreement is a book mainly of Dutch marine cargo, land-based equipment, inland hull, and liability business.
The Rotterdam-based Navigators Europe marine underwriting team will transfer to Castel Europe as part of the deal, thereby making sure that all relevant business continues to be managed by the same underwriting professionals.
The team will continue to be headed by Duco Teijema in the role of marine manager, Netherlands.
Castel Underwriting Agencies marine centre of excellence head Gert van Middelkoop said: “In a market experiencing significant levels of change being able to provide brokers and clients with continuity of cover and service is of crucial importance to us. Retaining expertise and proven track record of Duco and the team is an important indicator of our commitment to the Dutch marine market.
“We are in a strong position to build our solutions in the Netherlands and across Europe.”
The marine centre of excellence of Castel Underwriting Agencies was launched last month with teams located across London and Rotterdam, which focus on all classes of marine business.