Lloyd’s of London third-party managing company Asta has unveiled a new underwriting business by way of its managing basic agent platform.
To be led by London Market veteran Paul Witzenfeld, the new business will start accepting worldwide property facultative reinsurance dangers come April. The focus might be on major and first-layer placements, with business to be written in opposition to binding authority contracts backed by firm market capability through Asta Underwriting Management Limited.
“I wished to attain most profit from the hardening market by having a new business up and operating in time for June 01 renewals,” stated Witzenfeld, who comes onboard Asta from Castel Specialty.
“In extraordinarily brief order, Asta has supplied all the complicated providers and expertise essential to launch an MGA, from licensing and compliance to actuarial and HR. As we mentioned the challenges, they merely saved saying ‘sure, we will try this’ and presenting sensible options. Asta has made it occur.”
Witzenfeld’s credentials embody time spent at Pen Underwriting, ACE Global Markets, and Liberty Syndicates.
Meanwhile, commenting on the new business, Asta chief government Julian Tighe famous: “We’re thrilled that Paul has determined to affix us. His alternative is testomony to the flexibleness and rising reputation of our MGA providers.
“We’ve created a plug-and-play platform that quickly accommodates the ambitions of entrepreneurial underwriters to embrace market alternatives as they emerge. It builds on the success of Arma Underwriting, launched in 2017 and writing MENA (Middle East and North Africa) area business, and the creation of David Ashby’s specialist equine insurer a yr in the past.”
