Tide Forsikring selects Vecta Risk Partners for tailored travel and PA insurance scheme

London, 24th May 2017 – Vecta Risk Partners (Vecta), the specialist accident & health, travel and lifestyle insurance division of Castel Underwriting Agencies Limited, has secured its first European scheme with its appointment to underwrite annual travel and personal accident covers for Tide Forsikring (Tide), a provider of motor, property, yacht, accident and health and children’s insurances, through a network of franchise offices across Norway.

The scheme is underwritten by London company market capacity and was facilitated by broker CJ Coleman. Reflecting the importance of the claims service in the travel and personal accident classes, Vecta has also re-engineered the scheme’s claims process.
This is the third specialty scheme secured by Vecta since it launched on Castel’s MGA platform in January 2017.

Vyv Townend, Partner at Vecta said: “This new scheme with Tide demonstrates Vecta’s ability to provide a complete solution that encompasses both responsive and flexible underwriting and effective and customer-focused claims management. Our MGA operating model has enabled us to develop and deliver this scheme within two months, which we see as a key differentiator within this specialist sector.”

Ben Coleman, Chairman at CJ Coleman, said: “Vecta’s response to securing and delivering this scheme has been exceptional and demonstrates they offer a clear alternative to traditional providers. Their considerable underwriting expertise and operational experience from day one was an important factor in enabling us to meet Tide’s commitment of providing personal service that puts their customers first.”

Harrington Bates partners with Vecta on staff absence insurance scheme

London, 10 April 2017 – Vecta Risk Partners (Vecta), the specialist accident & health, travel and lifestyle insurance division of Castel Underwriting Agencies, has been appointed by Harrington Bates to underwrite a portfolio of staff absence insurance for schools, academies and colleges throughout the UK.

The impact of staff absence can be financially costly, disruptive and time-consuming for the education sector. Estimates indicate that teachers’ sickness absence equates to over £500 million of lost time every year*. The Vecta cover, underwritten by Aspen Insurance UK, is designed to mitigate the financial risk and minimise the disruption that schools and colleges face as a result of absences.

Harrington Bates is one of the longest standing providers of staff absence insurance to the UK education sector. Cover under the scheme pays an agreed fixed amount for every day of absence from a chosen waiting day period.

Andy Juggins, Underwriting Partner at Vecta, said: “The UK teachers’ absence and supply insurance market is challenging and competitive. In our view, success is based on bringing together flexible and focused partners, having access to a large pool of data and the support of an empowered underwriter. This new scheme brings all of these factors together.”

Ged Henry, Chairman of Harrington Bates, said: “Because of the potential for financial risk, a responsive claims service is important to our clients. Therefore, a financially stable and committed underwriter is an important aspect of delivering peace of mind to our clients. Vecta has combined this with a responsive and transparent approach that is aligned to our long-term growth strategy.”

Vecta wedding insurance scheme selected to launch Wedinsure

London, 9 February 2017 – Vecta Risk Partners (Vecta), the specialist accident & health, travel and lifestyle insurance division of Castel Underwriting Agencies, has secured its first specialty scheme just one month after the firm launched, following its appointment as underwriter for new online wedding insurance provider, Wedinsure.

wedinsure

Wedinsure is a trading name of Genesis Choice Ltd and is a new distributor of wedding insurance to UK residents who are planning a wedding either in the UK or overseas. The company offers comprehensive cover through a dedicated website www.wedinsure.co.uk.

Under the scheme, Vecta provides cover ranging from £2,500 up to £65,000 for a tiered insurance product, designed to meet the needs of different sized weddings and budgets. The cover extends from cancellation and rearrangement costs, through to failure of suppliers and personal accident insurance. Vecta secured the scheme following a competitive tender process.

Richard Gorely, Partner at Vecta, said: “The wedding insurance market remains a relatively underdeveloped area, compared to other personal lines insurance products. Wedinsure’s extensive knowledge and experience in the marketing of wedding insurance enables them to take advantage of the opportunities which exist in this sector. This is a great example of how our underwriting, product development, marketing and operational delivery expertise can be harnessed to launch an innovative insurance solution in a very short period without cutting corners.”

Terry Martin, Managing Director of Genesis Choice, said: “Vecta has been an active partner in the development of Wedinsure’s plans and enabled us to come to market quickly. They have not only been able to respond to our needs for flexibility, responsiveness and a competitive product but, are also looking ahead with us to how we can enhance the offering with more tailored coverages.”

Vecta Risk Partners targets accident & health growth in UK and EEA with launch on Castel’s MGA platform

London, 9th January 2017 – Vecta Risk Partners (Vecta) has launched today as an underwriting cell on the Castel Underwriting Agencies Limited (Castel) MGA formation platform to target accident & health (A&H), travel and lifestyle insurance business across the UK and European Economic Area (EEA).

Vecta will focus on specialist group and individual A&H coverages, writing bespoke and innovative products and schemes distributed through brokers, affinity groups and e-trading platforms. The new cell has capacity provided by Aspen Insurance UK and Inter Hannover.

The Vecta team is Richard Gorely, Andy Juggins and Vyv Townend, who are all partners in the business. All three held senior roles with Chubb Insurance Company of Europe prior to launching Vecta.

Richard Gorely, who is responsible for client and broker relations, has over 25 years’ experience in product and business development, and marketing in the general insurance affinity sector.

Andy Juggins is responsible for underwriting at Vecta. In his 30year insurance career, he has also held senior management and underwriting roles in the A&H and travel market including at AIG, Direct Line Group and GE Insurance.

Vyv Townend has responsibility for operational delivery. He has nearly 25 years’ experience in IT and operational strategy supporting A&H business across Europe, and management consultancy services for brokers and insurers in the London market. .

Richard Gorely, Managing Partner at Vecta, said: “Success in the A&H class is not just about expert underwriting. Product innovation, responding to the evolving needs of customers, supported by responsive distribution partners and strong operational structures are all important factors. The Castel platform provides Vecta with a flexible and responsive infrastructure that enables us to focus on developing and delivering coverages and high service standards across our extensive client base in the A&H market.”

Mark Birrell, CEO of Castel said: “The A&H market offers experienced and innovative underwriters profitable growth opportunities. The Vecta team brings proven market experience and knowledge across the A&H value chain which, combined with the support of our formation platform, will provide brokers and affinity markets with access to relevant carriers and competitive products.”

Vecta is the seventh underwriting business to be launched on the Castel platform.