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The AIG and Stone Point-owned MGU will also look to move up-market, increase its weighting to E&S and add third-party paper. -
Castel founder Mark Birrell will take the role of executive chairman.
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The hybrid fronting carrier was launched last year and is led by Talbot alumnus Sam Reeder.
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The deal follows Bishop Street’s acquisition of Ethos’ TL operations from Ascot.
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The distribution channel has sustained growth and resilience globally.
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Sources said that the underwriter has been working with Houlihan Lokey to find a potential backer.
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The executive will focus on securing reinsurance capacity for new programs.
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The partnership is Fidelis Insurance Group’s first third-party capacity deal.
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The deal is the latest in a string of investments by the MGA platform.
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Multiple reinsurance brokers have pitched the firm for sidecars.
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The business will trade via London, the US and Canada.
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Sources said that the AmTrust-backed fronting carrier has retained Evercore to run the process.
