Castel Underwriting Agencies subsidiary Castel Underwriting Europe has signed an agreement with The Hartford to purchase the renewal rights for Navigators Europe for an unknown sum.
Navigators Europe is the trading name of the Bracht, Deckers & Mackelbert (BDM)/ASCO Continentale Verzekeringen (ASCO), Rotterdam marine business.
The renewal rights agreement includes a book predominantly of Dutch marine cargo, inland hull, land-based equipment and liability business.
Under the agreement, the marine underwriting team of the acquired business will transfer to Castel Europe and will continue to handle relevant business.
Netherlands marine manager Duco Teijema will continue to lead the team and will report to Castel Marine Centre of Excellence head Gert Middelkoop.
Commenting on the development, 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.”
Castel 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.”
The move follows the launch of Castel’s Marine Centre of Excellence last month. The company offers platform for specialty underwriting cells and supporting individual underwriters with books of niche business in Europe. It has teams in London and Rotterdam focused on all classes of marine business.